S&P 500 Upmove Exhausted?
My intraday work is warning me that the upmove off of last Wednesday's low at 1262.25 is kaput, exhausted, and in need of a period of rest/retracement. What better time to do this than ahead of the FOMC meeting? I am NOT expecting the bulls to be able to lift the index above 1293 prior to tomorrow afternoon, while I would not be surprised to some profit-taking that presses the E-mini S&P into the 1285-1283 support zone in the upcoming hours.
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