I was writing on Friday about the nice looking rally setup on SPX and NDX particularly but obviously SPX was close to first resistance at the daily middle band and I was doubtful about that being broken on Friday, and it wasn’t broken then, or indeed yesterday.
This morning though, SPX has gapped over the daily middle band, currently at 3059, and the next targets to the upside have opened up, though this rally may reached a sudden end tomorrow at FOMC when, in all probability, the Fed will fail to announce that interest rate policy will be softened over the rest of the year.
SPX daily BBs chart:
For the obvious reasons I’m skeptical about this rally surviving FOMC tomorrow and Thursday, but in the short term I’d expect to see at least some more upside.
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