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How Has The Recent FOMC Announcement Affected The S&P ($SPX)?

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How Has The Recent FOMC Announcement Affected The S&P $SPX?

The FOMC recently took the dovish-case stance at the last meeting, pausing rate hikes for now. The market acted in kind and continued to push higher.  As we head into a holiday weekend with quad-witching, it will be important to see how things settle after the post-Opex move next week.

One of the key chart points is the Quarterly $SPX. Historically, a green quarter that has a high last of a multi-quarter red-streak as we are seeing materialize now, is a signal for a move up.

spx_2023-06-16_11-45-12.png

There is still time left this month/quarter to close it red, but it seems unlikely after the FOMC meeting, but of course anything can happen. The overshoot of the triangle candidate seems less likely as well, but price is in an important area, often called the "GoldenZone" where there could be sharp changes of direction.

spx_2023-06-16_11-47-19.png

That represents the bearish case. We have noticed that retail traders are getting FOMO again and starting to pour into high-Beta names like $NVDA (NASDAQ: NVDA) after they have made a big run. So the question is, will there be enough to support a fresh wave up or will this be a chance for the bears to press? Let's see how things settle next week.

Check out this video for more explanation.

Dr. John

This article was submitted by an external contributor and may not represent the views and opinions of Benzinga.

 

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