# S&P 500 charts suggest rally ahead of FOMC decision

> Technical analysis indicates the market correction may be incomplete, with potential for a sharp move higher before the September rate decision.
- Title: S&P 500 charts suggest rally ahead of FOMC decision | Shortify
- Summary: Technical analysis indicates the market correction may be incomplete, with potential for a sharp move higher before the September rate decision. Despite…
- Keywords: s&p 500, spx, fomc, federal reserve, rate decision, technical analysis, elliott wave, market correction, september 2026, chart patterns, trading setup, business
- Source: TradingView — https://tradingview.com/chart/SPX/55nbjfoB-What-charts-say-about-FOMC-rate-decision-16th-Sep-2026
- Published: 2026-09-16T02:57:40+00:00
- Read time: 1 min
- Topics: s&p 500, spx, fomc, federal reserve, rate decision, technical analysis, elliott wave, market correction, september 2026, chart patterns, trading setup, business
## Market expects rate hike and correction
The broader market is bracing for a Federal Reserve rate increase decision in September 2026 and anticipating a market correction that could extend into October.
## But charts tell a different story
The S&P 500 has fallen from 7810 to 7580, but the pattern doesn't match a typical market correction. The bull rally appears incomplete rather than exhausted.

> the charts have started telling a different story
## Elliott wave points to one more leg up
From an Elliott wave perspective, one more upward leg is pending toward the 8050 to 8100 mark, with the setup indicating a fast move higher.
## Key support level holds firm
The index has not closed below 7570, an important level that would signal a true breakdown. This support holding is bullish for further upside.
## Trade setup with defined risk
A long position from current levels to 8050 offers attractive risk-reward, with a stop loss at 7520 on daily close to limit downside exposure.
## Key takeaway

Despite widespread expectations for a rate hike and market correction, chart patterns suggest the S&P 500 has one more leg up to around 8050-8100 before any sustained pullback.