($SPX, $SPY) Things won't be any easier next week. We have an extremely important meeting of the Fed. Expectations for some form of quantitative easing are extremely high and we are likely to see a major move when if that news hits on Wednesday at 2:15 p.m. EDT.
Despite the big move this week, the market is still in the trading range that began after the breakdown in early August. We started the week near the bottom of the range and are now back near the top and running into technical overhead. The fact that we were quickly overbought didn't make much of a difference this week, but it does increase the risk of a sell-the-news reaction to the Fed next week.-R.Shark
Despite the big move this week, the market is still in the trading range that began after the breakdown in early August. We started the week near the bottom of the range and are now back near the top and running into technical overhead. The fact that we were quickly overbought didn't make much of a difference this week, but it does increase the risk of a sell-the-news reaction to the Fed next week.-R.Shark
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