I gave 396.60 as the pivot for SPY 0.00%↑ yesterday for today, and SPY spent most of the entire session there ahead of FOMC.
Notably SPY 0.00%↑ gapped up over that 396.60 level and left a gap below at 394.17 which remains unfilled. This is all ahead of FOMC, before we know for sure what the decision is. We now have seen several dark pool buys: 385.90, 389.15 and 393.63.
IMO:
- Any drop in rates tomorrow would indicate panic, and would be bearish
- A 50 bps increase tomorrow would be extremely bearish
- A pause or 25bs increase would not indicate panic and could be bullish.
We also saw alot of good moves such as TSLA 0.00%↑
I mentioned a potential move to 198.02 and we got that today.
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For tomorrow I will be watching the following levels:
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