Downside Pressure remains Strong
The initial reaction from the fed's interest rate hike announcement was a quick spike down and then a rally.
However, from a fundamental perspective, the rate hike is bearish for the equity markets. This trade setup is more to do with fundamentals, but also, the 4H Trend is down as we trade within the channel.
The spike up attempt today will act as resistance (2040), it was also the level we spike down to on the initial rate hike announcement. Looking to short towards the 61.8% Fib of the last leg up. (1964.0)
However, from a fundamental perspective, the rate hike is bearish for the equity markets. This trade setup is more to do with fundamentals, but also, the 4H Trend is down as we trade within the channel.
The spike up attempt today will act as resistance (2040), it was also the level we spike down to on the initial rate hike announcement. Looking to short towards the 61.8% Fib of the last leg up. (1964.0)
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