How to Trade Stocks Post FOMC?
Stocks took a dive after the FOMC meeting. Apparently, they did not hear the magic words about stimulus that they were expecting. We are seeing good support around 3329. The S&P is bound to range at some point. This selloff was nowhere near the carnage we saw from massive corrections in recent history. It is still safe to say that stocks are likely to range between those levels we have identified for almost a month now: 3300 to 3427. Our traders made some great profit from shorting at 3427 yesterday. Levels trading seems like the best strategy for the S&P at this point. Watch the levels we have identified, like 3308, 3329, 3357 and 3375 in the near term
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