SPX basing through indecision

Monica Kingsley Monicakingsley

S&P 500 did more than post-FOMC retracement – the move cut into Sunday‘s S&P 500 gap, accompanied by bonds trading sharply lower as well. Institutions also sold the close, and where it matters (XLK, XLC, XLY and XLF). But I have doubts as to whether the negative sentiment would prevail – the shape of sideways European session was a sign in itself – and likewise, confidence returning to bonds will help equities.

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

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