SPX500 short-term analysis – 01 November 2022
The SPX500 daily is in its bullish area between the upper red and blue bands. The hourly chart on the right shows positive signals too. Its EMAs are in a favourable formation, and the stochastic is above 80. The longer the stochastic maintains this position, the greater the chances for further price appreciation. However, the key driver here will be the tone of the Fed decision tomorrow. Hawkishness may scupper the SPX500's recent gains. A cautious approach is sensible, given the inflation data released on Friday.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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