Mid Week Market Update
Earlier this week in our Market Preview, we highlighted a few important points; potential (possible) overhead resistance, positive March FOMC performance, the positive performance for the SPY when an FOMC meeting falls on the same week as options expiration, and the V-rally day count.
So far the week is slightly positive, the FOMC is out of the way, and the open gap from the beginning of the year is filled as of this morning in the pre-market.
We mentioned in our last post that the previous V-rallies have lasted about 26 days each, we are on day 24. You couple that with the charts below and the fact that the week after March expiration tends to be weak, and you have yourself an interesting short-term situation.
SPY VS FOMC MEETINGS
SPY VS OPTIONS EXPIRATION
- My opinion is subject to change as new information comes in.
- Not being overly excited to get aggressively long here does not mean to short.
- Animal spirits and the fear of missing out is something that can’t be seen on the charts and without a doubt, it can’t be ignored.
Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at firstname.lastname@example.org or 646-480-7463.
This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog. The stocks presented are not to be considered a recommendation to buy any stock. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.
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