FOMC Day: Jan 31, 2018

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SPX and ES both closed below their SMA10s yesterday — the first time that’s happened in 2018.  Although futures rebounded strongly overnight, the current gain of 9 points is only enough to prompt a backtest on the open for SPX.

Today should be interesting as we have not only the FOMC rate decision/statement, but pending home sales and EIA inventories.  I’m still looking for overshoots from our currency pairs and DXY, oil and gas are tumbling, and VIX is nearing our next upside target.  All in all, it should be an interesting day.continued for members


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