SPY Rejection: FOMC in the next hour

2022년 7월 27일

Despite being positive on the day, we saw earlier price get rejected on the upper resistance trend line of our longer term downward channel. The gap up today was interesting, but I am curious to see how this plays out following the Fed decision. Since we have been declining from ATH's, this upper resistance trend line has shown multiple instances of rapid downward movement because of the trendlines significance. Fed decision may fill the gap up we created this morning.

See related links to see the fuller picture and downward channel on a daily time frame.