$SPY PRE FOMC
We are sitting at a very important price-point of $390 and we can see a massive move to the upside or downside from here. FOMC is on Wednesday so we have to paint out the possible scenarios that can happen and be ready for both.
Bullish case:
- We need to break 390 and retest this zone once broken to ensure a valid breakout & NOT a fakeout.
-We also need valid volume confirmation if we are playing the breakout
-We are in a mini uptrend on the 4h/D chart so we need confirmation above that as well.
Bearish case:
- Valid rejection off of $390 lvl with volume confirmation
- We also NEED to break below $380 for better confirmation (beautiful set up below $380)
-Last but not least we also are looking for the break below the upwards channel
News events
- **NOV 2nd - FOMC 1:00 + Press conference 1:30**
- **NOV 3rd - unemployment claims 7:30
- **NOV4th - NFP + Employment change + Unemployment Rate**
Bullish case:
- We need to break 390 and retest this zone once broken to ensure a valid breakout & NOT a fakeout.
-We also need valid volume confirmation if we are playing the breakout
-We are in a mini uptrend on the 4h/D chart so we need confirmation above that as well.
Bearish case:
- Valid rejection off of $390 lvl with volume confirmation
- We also NEED to break below $380 for better confirmation (beautiful set up below $380)
-Last but not least we also are looking for the break below the upwards channel
News events
- **NOV 2nd - FOMC 1:00 + Press conference 1:30**
- **NOV 3rd - unemployment claims 7:30
- **NOV4th - NFP + Employment change + Unemployment Rate**
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