Jay Powell and the statement from the FOMC sent traders to exit if short and long if participating in the upward expansion. The SPX spread expiring today ( end of the month)- 20 points around the 2680 strike leaving us 2700-2660 as our ranges of priced motion.
Buyers are still clearly willing to press prices higher and thin volume auctions below suggest they will test support levels of interest before expanding once more. How high is still unknown, so don’t try to find the top.
The trading momentum still shows tests of higher resistance as a potential. It is the failure to hold higher that will flash the first warning signals. Out Metastock swing system says to look for the FAILED highs as our entries short…. this means that how well we bounce here over the next couple of days will bring us to engagement.
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You should – Here’s an easy way to keep track of your progress
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