S&P 500 Post-FOMC Early Trade Indications
As per the forecast published last night, the medium term “models indicate no short bias until at least a daily close below 2740 (slightly bearish) or below 2735 (outright bearish). Models indicate staying flat (no positions) between 2760-35″.
Early action following the FOMC decision and statements indicate no significant change in the medium term outlook.
However, short term/intraday/aggressive models indicate a slightly bearish outlook as of now at 0420pm EDT (SPX closed 2775.63; e-mini futures ESU8 closed at 2778.50).
The early short term models’ bias will further unfold with the overnight futures market action. Stay tuned for the full forecast for tomorrow’s session later in the night, around 10pm-1030pm EDT.
However, short term/intraday/aggressive models indicate a slightly bearish outlook as of now at 0420pm EDT (SPX closed 2775.63; e-mini futures ESU8 closed at 2778.50).
The early short term models’ bias will further unfold with the overnight futures market action. Stay tuned for the full forecast for tomorrow’s session later in the night, around 10pm-1030pm EDT.