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April 29 Midday Analysis, High-Level Consolidation, Short-Term Buying on Dips
Today's market focus is on the Federal Reserve FOMC interest rate decision tonight, with the market expecting rates to remain unchanged. The market trend largely depends on Powell's tone of speech—hawkish or dovish.
The technical chart shows a somewhat weak performance, but the upward momentum continues to weaken. The four-hour chart signals a bearish trend, with MACD forming a death cross and the green bars expanding, Bollinger Bands opening downward, and the price moving along the middle to lower band; meanwhile, the rebound volume is decreasing, and the decline volume is increasing, so avoid blindly chasing the rally.
Trading ideas:
Short positions can be considered on rebounds between 77,500 and 78,200. The target downside levels are 76,500 to 75,400.