Rate pause as expected; Powell did not crash but actually recovered the market; No Powell Rally!
- Wed price action peaked at 439 before coming down to wait for Powell speech
- Initial reaction to FED statement was bad, mainly concern with SEP as it pointed to "2 more rate hikes" in 2023!!
- But Powell talked the market to recovery and close where the statement released
- MA5 yellow came up to support well at 434
- MA20 green on the way up possibly meeting at 430 - important as reversion to mean would mean 430 might be key support
- 30mins chart (right) points to consolidation between 434 and 439 (with 437 being a key resistance)
My Watch
- MA5 (434) to hold and consolidation happen above 434
- Whether a buy continuation channel forms Thursday
- BIG quadruple witching Friday this week means volatility and Zero DTE options at play!
I'm still cautiously bullish as bears have no intention to sell down yet
Good luck, all
@LMSunshine @Deposit @melson @TigerStars @CaptainTiger
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Look for gap at up and continue sell until 11, then they will buy it up.
I don't get it
But do you think the market will pullback soon?
SPY goes to 450 soon and to the moon
Interesting!