Tuesday, March 14, 2017

March 15, 2017 FOMC

Interesting little break (but save) off the last 2 FOMC lows today. A break lower than this should send us into the 2330ish area which would be the line off the December 13 and Jan 26 highs. The March 1st high at 2401 is a pretty good fit here but nothing from a TA appearance allows for it to look finished. So far it is just another minimal pull back eating up more time than price. From a timing stance and looking back this rally reminds me much of the Nov 2012 low that rallied into May of 2013. This one is a couple weeks ahead of that so the fit puts it right into the May 1st FOMC. Sell in May and ....?

Downside doesn't appear to be done here either and since we are in a seasonal expiration this week I think we should be able to trust this since SPY dividend will cause it to take a hit on Friday. Not sure the higher gap gets filled but I would expect the 2383 at some point. I think patience is in order downside til 2285 is gone.

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