S&P 500 at a crossroads

So, an anomaly of the U.S. stock market called the FOMC 'Drift' Effect proved itself yesterday.

Both options of entering the market turned out to be profitable, which was proven by research results:

* When buying S&P 500 on May 3 at 9:00 Moscow time with the closing on May 4 at 20:59 Moscow Time, the profit was 0.51% (the orange area on the chart)

* When buying S&P 500 on May 3 at 21:00 Moscow time with the closing on May 4 at 20:59 Moscow Time, the profit was 0.14% (the blue area on the chart)

GMT+2 time zone is represented on the chart, the time of the FOMC meeting (GMT+3)

At the moment, S&P 500 has nearly reached the resistance level of 4300.

If the price is fixed above the level, there will be a possibility to reach the levels of 4390 and 4500, otherwise the index might decline to 4140 and 4000.