FOMC with S&P 500 turned out precisely as I looked it to, and not even another widely anticipated move (50bp by ECB today), could dampen the risk-on spirits, no matter the very short-term overbought stocks. Smallcaps confirmed, and foremost the bond market did – it‘s risk-on still, we haven‘t made the top yet. As everything I told you in yesterday‘s analysis worked wonders, today‘s one will be brief. Thank you for all the praise – I‘m so glad to hear how you‘ve been killing it in the markets!
Daily supports are 4,145 followed by 4,085 (I don‘t see how we would get there this week really), and on the upside.4,225 is the most ambitious target that would take quite a while to reach. While most were caught off guard yesterday, FOMO and squeeze has its limits – basing above 4,160 would be extremely healthy. 4,130 - I don‘t think would work given the strong momentum, squeeze, FOMO and rotations mentioned even before yesterday‘s analysis. Chart courtesy of www.stockcharts.com.
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