Fed Keeps Current Range Going
As widely expected, and with little fanfare, the Fed did absolutely nothing today except keep the short-term S&P range going.
The non-decision (to do nothing with rates as expected) was well-received by the market, bouncing price up away from support to keep the Rectangle going.
Here’s the current S&P 500 Intraday Rectangle Range:
In the S&P 500 (NYSEARCA:SPY)index, we see the 2,160 pivot as green support (today’s reversal play) and 2,175 as red resistance.
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I’m also drawing a Blue Magnet Midpoint line just shy of 2,170 which has been a shorter-term resistance level.
Let these levels guide you as intraday traders.
We can pull the perspective back to the bigger picture to see the development of the current range:
As I highlighted in this morning’s update post, we have a bigger picture Rectangle Range developing.
Given the recent July rally from last month’s 2,020 level, the index trades just shy of 2,200 in a stellar gain.
However, from July 15 to present we see a clear 15 point sideways range as detailed above.
All things being equal, continue to focus on these levels and the future breakout from this range.