It’s been an interesting past two weeks in the financial markets. From the Fed build up to the surprise September FOMC statement and market reaction, active investors have been dealt a difficult hand. Waiting for confirmation can be difficult, but patience is a virtue in this type of environment. Â Below is a quick S&P 500 technical analysis update.
Note that the chart is simply a 120 min bar chart, so it is for short-term analysis. Â As noted in my pre-fed comments, when the market broke higher post-Fed, it made a b-line to the 1.236 extention at 1729. Â From there, it quickly reversed… and this leaves us watching key levels of support. Should the lower trend line break, the S&P 500 could slip to 1670-1675 (open gap area). This will be a level to watch. Â Note weekend “news” risk both ways. Â Trade safe, trade disciplined.
Twitter:  @andrewnyquist     @seeitmarket
No position in any of the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
