Yesterday was all about the Federal Open Market Committee meeting.
I kept my trades tight, as I didn’t want to trade after the rate decision. And, as everybody saw, it was just way too volatile in the afternoon.
What a whipsaw that was — the $SPY rallying up to 389 then dropping down to 377.
I did take one trade yesterday, an $XOM short.
J.C. and I talked about how I approached yesterday’s price action last night. Click here to watch that video.
Today, with the FOMC meeting behind us, I’ll look for things to settle a bit.
Here’s what I’m watching this morning before the open:
- I’ve been saying I’m looking for a move to 379 on the SPY, and we did achieve it yesterday.
- If we continue to stay below 380, there’s a chance we see 369.40.
- I’m watching $SQ and $ORCL for trades.
The main thing for me today is to see how the market reacts. There are a lot of ugly candles out there.
Please reach out with any questions.
All Star Charts Team