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GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Today, ES_F tried to reclaim the 3903$ level, but it was a false breakout and we came right back in. We continued to pull back and went to retest the 3855$ I was looking very closely as potential support. We bounced a bit, but it was not very convincing. So they decided to make it very difficult to hold our positions into FOMC with these 2 red days back to support. We are still above all kma’s and we are now pulling back to the 10/50dma on lower volume…but we are at risk of a rollover with that false breakout if we have a bad reaction to FOMC tomorrow.
Tomorrow, it will be ALL about FOMC… for a positive reaction, watch the 3903$ level reclaim, which would be very bullish. For a negative reaction, I would be looking for potential support at 3820$ or even 3780$…if we can’t hold these levels, I think this might have just been a bear market rally and we are at risk to put another leg lower. But again, this will all depend on the FED tomorrow.
NASDAQ (NQ_F) Daily
RUSSEL 2K (RTY_F) Daily
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