SPX Action:
The past two weeks have been turbulent with the news of the O Variant over Thanksgiving. A 2.95% drop followed by a 3.25% drop on significant volume, then a short squeeze rally into some consolidation waiting for the FOMC announcement.
FOMC Announcement
They say the first move is always the wrong move. Initially after the announcement the market rallied to 4725 (SPX) and immediately sold off. 4600 is holding support. A divergence in RSI is a potential sign this level could hold.
VIX
The VIX pushed against but did not push through 23. Vol levels remain elevated.
The net effect so far has only been a -2.56% dip from all time highs pre-variant news.
Support
SPX 4600 level remains support. Which is the 50 day moving avg. Traders will pay particular attention here.
VT
No comments:
Post a Comment