S&P 500 Daily Trade Plan: Navigating the Post-FOMC Hangover
After a Massive Gap Up, Here Are the Only Two Key Buy Zones to Watch: 6607.75 and the 'Favorite' 4H at 6594.75.
SCHEDULED NEWS
Good morning, everyone. Today is Thursday, September 18th, and the Fed has done it again.
Yesterday's FOMC announcement gave us a fairly positive outlook, and our plans played out more than perfect. It was an incredible day for those who were able to take advantage. The resulting volatility has led to the indices gapping up over 1% overnight from the Fed news. However, we have big red-tag Unemployment numbers coming in at 8:30 AM ET, and we shouldn't take this bullish run for granted. Yesterday's moves wiped out many of our important untested levels, leaving a lot of tested structure below us. Let's get right into the levels.
A Note on Contract Rollover
I have not rolled over yet. I am still trading the September (U) contract. I will not be switching to the December (Z) contract until this coming Sunday for the Weekend Review.