Well the best I can say about today’s Fed decision is that it’s now a thing of the past. We had the typical post-decision gyrations in which the market reverses itself violently two or three times. Despite all of the jockeying after the interest rate decision the indices ended the day very close to where they were minutes before the decision. The Nasdaq and S&P 500 are very close to their downward sloping trendlines. They both look like shorts to me right now but my outlook would change if they can close above those trendlines.
We’ve got another big report (jobs) due Friday. I’d hate to have sat out from swing trading all this time only to get slammed by the jobs report so I think I’ll wait until next week to get back to swing trading. So it’ll be strictly day-trades for me for the rest of this week.
When you look at the the bearish candlestick today in the S&P, do you consider that it was the result of volatile fluctuations or does it not matter. If it didn’t hold, it didn’t hold?
Actually I think the volatility adds more validity to the S&P’s doji. That pattern represents confusion/a stalemate, which was really evident today. The pattern still needs confirmation though…