Hello Everyone,
Yesterday's we saw the SPX/QQQ pullback towards their respective 9 day EMAs (they were quite stretched as I've been posting) and after some overnight (Globex weakness) they both managed to open the session above yesterday's low and then work higher all session recovering all of yesterday's losses but still closed slightly below Friday's high. BIG DAY tomorrow with the FOMC decision and Chairman Powell presser so let's see how the market reacts. The bulls remain in control and we must respect the trend until evidence changes.
As far as trade ideas, there have been plenty of setups recently (mostly longs with a few reversion to mean shorts) so in light of tomorrow's expected volatility, I'm going to refrain from new additions. Take time tonight to review your plan and make any necessary adjustments prior to the announcement. With the easing financial conditions (see chart I posted on trading community) and the recent market action, my inclination is the JP likely remain hawkish - let's see how the market responds. Lastly, we still have some mega tech names reporting on Thursday and then monthly payrolls on Friday.
Please take a moment to look at the trade ideas.
