S&P500: Still pointing lower, but anything can happen ahead of FOMC Meeting

Carol Harmer Charmer Trading

So yesterday S&P went down to our taget area of 2268/66, reaching 2267....good enough...then we have made a move higher to close higher....and are up today....can we go back and fill that gap...well if we hold over 2282 we can...the gap is at 2291...so this really is our upside risk....we still are pointing lower on the daily and weekly charts and only the 60 min points higher....but that would do after the final 2 hrs range last night..So what happens once we fill the gap...can we really move higher and take out 2300...well its FOMC so anything can happen...I think it is more likely that Yellen will bang on about nothing again....and the market being driven by the buy the rumor sell the fact scenario will tire of her waffle and sell off...I think she has to come straight out with it and say...interest rates will be going up in March ...and then the market can trade higher....Another 3 hrs of her droning on about nothing will leave the market looking a bit depressed and then we can come back and fill the gap to 2279...Now if we lose this support we still have the 2268/66 support...I believe only back below 2262 will there be the legs to go lower for the 2257 area where I think there will be a lot of short covering....todays PP are PP 2274 R1 2282 R2 2286 R3 2294 ( SPOOKY) S1 2270 S2 2262 S3 2258... see how these PP's are tying in nicely with chart support and resistance levels and gaps etc.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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