From resistance to support and back. The story of the pre/post FOMC action. The market structure remains intact. Both short and long opportunities today. The pre-FOMC action was quite slow and required enough patience to sit through. In fact, the recent day ranges start to shrink suggesting lack of participation.
Eventually an important support was tested and provided a very strong bounce indicating that the buyers mean business.
Perhaps, something was said during the conference call but from technical chart perspective it was a decent support.
As long as the buyers stay above the inflection point they have a chance to reach the next resistance level above which is a confluence with the broken trend line. As you can see the bias remains neutral and the price moves within the larger range from one inflection point to another. There are no changes that could provide a hint where this market is going.
Stay nimble.
9/18/2019
Eventually an important support was tested and provided a very strong bounce indicating that the buyers mean business.
Perhaps, something was said during the conference call but from technical chart perspective it was a decent support.
As long as the buyers stay above the inflection point they have a chance to reach the next resistance level above which is a confluence with the broken trend line. As you can see the bias remains neutral and the price moves within the larger range from one inflection point to another. There are no changes that could provide a hint where this market is going.
Stay nimble.
9/18/2019
