Wednesday, November 18, 2015

FOMC minutes coming out tomorrow

So we are back to 208 level. We were here just a week ago, on Wednesday Nov 8th the market took a dive. Found support around 202 level, bounced back off of that level on Monday. The turn around made it to the 207 level which acted as a resistance, we pulled back to the 205 level on Tuesday. The 205 level has been acting as a strong support recently. On Wednesday the market gaped up, consolidated around 207 for a few hrs and made a deceive move up towards 208 level. Taking it back above the 21 day SMA and hitting the 208 level after a week. The next resistance (according to my chart below) is at 209 level. It will be interesting to see what happens tomorrow as we have the FOMC minutes coming out tomorrow as well.

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