Hello Everyone,
SPY and ES systems Bear Long trade - Still holding long for now, however it's possible that these could exit tomorrow if we see further upside in the market.
Quick Note
: FOMC day, the FED raised rates 75 basis points as expected. Typical gyration after the FOMC with an initial pop, drop, pop again, and drop again the last 30 min. Overall the indexes closed up nicely for the day between 1.5% - 2.5% with tech clearly leading. We were expecting a bounce today from a technical perspective anyway because of the divergences that were in place. Also, yesterday the VIX has closed back inside its upper Bollinger Bands for an SPX buy signal. Short term, if ES can hold 3760 prices could prop higher. A short term bearish view is that today was a small wave 4 bounce with another decline coming to complete a wave 5 - see the 30 min SPX chart below.
Matt
