S&P500 - 16 September 2020
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Published on 2020-09-16
A start of a bullish bias is applicable above 3380. Technical score: +1
A change in trend direction to bullish occurred. An easing VIX might support upside potential for this index. The next couple of days will be crucial for the trend direction to unfold. However, a bearish MACD crossover on the daily time frequency remains applicable. Downside price momentum halted  –  supporting a bullish trend direction. Only a confirmed price action below 3380 will reverse the bullish trend direction. Upside targets: 3420-80. See the pivots for additional targets. Downside targets for a break below 3380 will be 3310.
•	S&P future is up 0.1% this morning.
•	Asian stock were mixed on Wednesday morning, with investors looking to a slew of central bank policy decisions due later in the day and on Thursday.
•	The Dow eased from session highs, as financials fell and Apple cut its gains after unveiling its services bundle and new hardware.   
•	Financials fell about 1%, led by a fall in Wall Street banks ahead of the Fed's two-day meeting, which kicks off today. The Fed on Wednesday is expected to keep rates unchanged, and will likely reiterate its support to keep rates lower for longer.
•	Investors are continuing the search for a catalyst to return global stocks back to their months-long rally, which came to halt earlier in the month. Central bank stimulus measures have provided some protection against risks such as the ever-rising number of global COVID-19 cases, November's U.S. presidential election and the possibility of a no-deal Brexit.