Stocks Stabilize Ahead of FOMC
The S&P 500 has dumped further, and we are well below previous relative lows. It was pretty much a straight dive from the 4100's to the 3700's, with very little buy back or even a sign of a technical retracement. We do appear to be finding support at 3758, with a wick extending down a bit further to 3714 or so. After that, we got a small pivot back to 3792 or so. The Kovach OBV has leveled off and is even starting to turn up a bit, suggesting that we may see continued support at these levels and even range a bit between 3758 and 3792. We anticipate 3714 to be a floor for now, but another proper selloff could easily smash through and test the 3600's. It should be a quiet day today as the markets are anticipating the FOMC tomorrow.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.