Hello Everyone,
Quick Notes: FOMC day and the given volatility that comes with such an event, the FOMC statement is listed below and I'll make some comments. But as far as the market, what we saw today was a sell off to about 11:30 where the SPX nearly re-tested yesterday's lows, then bounced into the FOMC and after a momentary initial move lower, quickly reversed to rally strongly the rest of the day and into the close. The SPX was down around 24 points at the low only to recover and close up 76 points, so basically a 100 point reversal. IWM small caps made a slight new low only to reverse strongly: the hope here is some sort of divergent low, but price needs to now clear the 9 day EMA.
Most things rallied well off the lows today from tech stocks to crypto. I added a few trade ideas below, but realize that a lot of charts were broken. We'll see if this is the start of the 'Santa Clause' rally or not, follow through on today's gains is important.
Matt
