SPY - TA Update 22 Sept 2022 - Destroyed by FOMC
- Big red candle hitting support 377/378
- Gap filled!
- Remaining gap below is (366/370)!
Upcoming
- We will probably have a small bounce tomorrow, but the road ahead is very tough!
- FED SEP (Summary Economic Projection) is projecting 4.4% end 2022 and up to 5% in 2023!
- That would mean 0.75% hike in remaining 2 FOMC meetings in Nov and Dec!
- 2yr bond yield has peaked 4% (meaning market has somewhat priced in that high % but not 4.4%)
- Downside to go, will we revisit 17 June low?
Turbulent times ahead.
@TigerStars@Deposit@YTiong@DomH@CaptainTiger
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Interesting
Hi