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It's Fed Wednesday, and so far there is no real change here, going into that decision.
SPX - No real change in this chart, but there may be a change of character. We have the Fed decision Wednesday and Quad witching Friday to pop this above the 200sma, or drop it down to maybe the 50sma area. Tuesdays selling recovered.
Let me point out this ...
Read MoreThe short term trade set ups seem pretty clear, but with that Fed Wednesday Meeting rapidly approaching, the end of the week could host a number of reactions. Lets see how things are currently unfolding .
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SPX - This bearish wedge was forming last week (March 9 chart).
The SPX did drop quickly and recovered last week, as seen here. Is this still a wedge though?
The Fed Mtg is approaching and could affect the outcome.
Read MoreWell, after several weeks of good trading , it appears again. Yes, I'm taking about that Elephant in the room - only this time things He's levitating as we head into the Fed Mtg this Wednesday. Lets take a look at our markets, keeping in mind that we do have a Fed Meeting this week.
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SPX - I see a rising wedge and on day 20, we could drop to a 1/2 cycle low. So we could drop heading into the Fed Wednesday or possibly see a drop after?
I mentioned something important last week and I want to remind friends of that here...
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