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How to daytrade through economic events.
FOMC and Powell have sent the indices on a two-day rollercoaster ride. Here’s how I measure sentiment as well as gauge strength or weakness on these very volatile days. When you have some great measuring sticks for support and resistance, it sure does help.
Relief Rally or Disbelief Rally
In today’s video, we break down the crazy “relief” rally we had today after the FED meeting and Powell’s comments. We ripped higher by 161 points in the ES and took out a lot of shorts. Every time I think we have seen the wildest moves, we get even more. Where do we go from here? We discuss the reasons we could have more upside and/or an eventual pullback.
Market Rejoices with the Fed’s Move
Today we heard from the Fed with the rate decision of (+) .50bps and the market made its feelings about that known. The question now is the same as always, “Now what?” Let’s take a look at that in our mid-week update.
SPY Reverting to the Mean?
With the SPY testing support, closing on a hammer candle (reversal pattern) with +15 million ($6.5B) late buy prints with confirmation today. As long as nothing is said during the FOMC that isn’t already priced into the market tomorrow. The SPY is set to revert to the mean (21EMA) and test resistance at the $430 level. Here is a trade idea you can potentially benefit from.
FOMC Setups to Watch
As we approach an expected 1/2 point hike, what are the trends that could benefit from the FOMC volatility? I have a lot I am keeping an eye on and am sharing those symbols with you in this update.
Facebook Follow-through
Facebook earnings may have surprised some and if bears are still on the run the next 2 days could bring another $5-6 of continuation, possibly more. Let’s map that out technically and see if we can get into and out of a trade before the Fed meeting on Wednesday.
Trading ABNB on Earnings
Airbnb is reporting earnings tomorrow, and with the high implied volatility in addition to the big move that is expected, there is an opportunity in the options market to sell options.
It’s time for a MOU
A memorandum of understanding, or MOU. Tonight I will attempt to explain the intention of these videos and content. As a bonus, a prediction at the end. Hope it helps. Enjoy!
Don’t Fight The Fed, Part 2
The Fed wants assets lower and the market appears to be listening, at least for the next month. Let’s review the signals.
Getting ready for more Fed
In this video I discuss the significance of earnings and the FOMC next week on Wednesday, today was a total wash, and I’m not so sure it’s over until after FOMC Wednesday….
