Thoughts ahead of #FOMC, Index levels to watch
Thoughts ahead of Fed (meeting at 2pm, 2:30 press conf): I think despite the Bank woes , the market (particularly growth names) have been on a really nice run QQQ is up 7 out of last 8 days (today included) and +6% so far this month! So, if you are mostly trading this group, you have to ask yourself , are you looking for more at this point? how much more? Are you seeing new / fresh setups or are some names in growth getting extended? These are just a couple things to think about ahead of a big event. The market can always go higher (anything is possible) but I think we have already priced in a more dovish Fed given what the Fed Fund Futures are pricing. So I do not mind a little digestion post Fed if it were to take place.
Fed Fund Futures
That said, take a look at the Index charts in #cfcommentary in TTG Trading Room - and try to focus on levels vs Fed rhetoric - in particular:
QQQ Daily chart
- I am watching QQQ Daily top of March Value Area, if we close above here $309.53 for me no choice to lean bullish
SPY 1hr & Daily chart
- SPY 1hr chart $398.3. Note overhead resistance $403.15 on Daily chart (2nd chart)
IWM 1hr chart
- IWM needs to stay > $175.8 for a rebound in the Small Caps
- If these areas do not hold end of day / tomorrow I will want to be more defensive. Having this type of plan helps separate the noise!
Today, join us for midday live session ahead of Fed 1:05est. Use link in Slack for zoom room.
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