FOMC Price Reaction Analysis, Support & Resistance, $SPY/$QQQ
- Looking for a hourly Bear flag on SPY and QQQ after this huge move down.
- XLF and KRE top watch to see if we break fear lows/52 week low. Fear would likely come back in if we do break the lows
- looking for SOXX/SMH to go from lead bull turning into lead bear
- Rate hikes is a head wind more for QQQ then SPY, so after Powell saying no rate cuts this year, we would likely see QQQ lead to the down side as well just like it lead to the upside.
- FOMC reaction day after is always the real move, so tomorrow we need to see if bears can follow through or todays just a small reaction move.
- XLF and KRE top watch to see if we break fear lows/52 week low. Fear would likely come back in if we do break the lows
- looking for SOXX/SMH to go from lead bull turning into lead bear
- Rate hikes is a head wind more for QQQ then SPY, so after Powell saying no rate cuts this year, we would likely see QQQ lead to the down side as well just like it lead to the upside.
- FOMC reaction day after is always the real move, so tomorrow we need to see if bears can follow through or todays just a small reaction move.
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