Not much consolidation after yesterday’s Hilsen-rally. So, I’d look for a backtest of the SMA10/20’s on any pullback. Otherwise, SPX never reached the .786 or .886 yeaterday. Those would have to be the immediate upside targets.
The SMA50 looks miles away, now. But, as the talking heads have pointed out, anything can happen on FOMC day.
UPDATE: 12:45 PM
We’ve seen general weakness following the early session ramp job. Here’s a quick look at support and resistance.
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