Consolidation towards FOMC
FOMC is 17 days out. The market direction from here might hinge on how aggressive the fed is. A strong cut 50bps would probably signal to the market we'll boost assets. 25bps shows restraint in balancing the risk, which I think is more unemployment now, and would probably be the catalyst to make the markets a little more fearful.
I'm not expecting much volatility just yet, will keep my trading small in size, tight in risk until I can find a direction off of this level. A run up would target towards 20k, one stab at a possible new all time high.
If we can't find the optimism, unemployment risk starts coming into focus, then I would expect the market to fall off from here, and this would represent a good potential swing short entry with good RR.
I'm not expecting much volatility just yet, will keep my trading small in size, tight in risk until I can find a direction off of this level. A run up would target towards 20k, one stab at a possible new all time high.
If we can't find the optimism, unemployment risk starts coming into focus, then I would expect the market to fall off from here, and this would represent a good potential swing short entry with good RR.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.