SPY (spx) Support at 393; may retest 388 before FOMC

14 sept 2022

Not going to say anything more eloquent analysts haven't already, but it looks like we're chopping sideways until FOMC. Wouldn't be surprised to see a retest of 388 before the meeting, but also could see us just hanging between here and 400. Overall bearish on the market right now; you can see we're currently testing the rally support line, but it isn't looking like it'll hold on the longer term. As of this minute (10:40 EST 9/14) there's a hammer pattern on the daily, but doubt it closes this bullish. Relief rally through end of day possible, into sell volume come Friday for people exiting margin.

Permabulls be careful with your stops; I missed the most recent rally, but my puts have been printing and then some. Tight stops and careful plays, keep your head up.

I welcome any criticism and critique, I'm far from an expert and am happy to have such a great community to help me learn.