S&P 500 Impulsive Selling After FOMC Spike | Sept 23rd

S&P 500 – Post FOMC Spike Retraces All of its Gains
After exploding higher post FOMC spike, the major index has sold off all of its gains, and then some. Notice in the box in the chart how the selling after the false break above 1730 has been quite impulsive, with every relief rally being meek and quickly rejected. The index is currently sitting on a major support level at 1700/1695. I’ll look to sell a corrective pullback towards 1710/1712 which would ideally line up with the falling 20ema. This would form an LH (lower high) and possibly signal a deeper correction. Downside targets would be 1695 and 1680 (green horizontal zone).

SPX 500 index price action impulsive selling false break 2ndskiesforex

Check out our latest article onĀ The Difference In Trading Between Passionate & Interested

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article