To The Moon

FOMC day! Will this be "Buy the rumour, Sell the news" outcome?

- What a move by the bulls on Tuesday; Gapped up over MA20 and actually even got supported by MA20 in the push up!

- Coming close to MA50 (400); ==> Note that it is a super resistance (confluence of MA50, structural and also a recent downsloping trend line)

- Also can be seen as an ugly but slanted double bottom neckline being at 400

Looking ahead tonight

- Tonight is not just FOMC rate but also SEP (Summary of Economic Projection) where we will see the forecast terminal rates for 2023 and 2024 etc. It will give market an insight into when the pause or rate reduction will happen. 

- 0.25 hike might not be super bearish if SEP is "promising", but will still trigger some initial bearish reaction 

- if pause, might push the bullish price action above MA50 to 407 and 416

- Downside, support at 385 (key) and then 373

- What I continue to look for is the MA5 / MA20 cross (best guiding indicator so far)

@TigerStars  @CaptainTiger  @Deposit  @LMSunshine  @melson  

$SPDR S&P 500 ETF Trust(SPY)$