ChartsEdge has issued a comment about the reaction to the Fed throwing things off. I'm traveling and about to board a plane and probably cannot post any charts until after the open tomorrow. So I'll have to describe for now! The chart that ChartsEdge made this evening just superimposed the SPX action over the daily maps. Confirming what you may have experienced, things moved differently after the Fed. I'm just glad I commented on that possibility Wednesday morning!
If I can post their Friday map in the morning, I will. If traveling hinders that, I'll describe it. For now, it's obvious there's eyebrow-raising action in gold and dollar, with similar but less extreme in bonds, yen and euro. Should be a lot of questions whether the changes are lasting in terms of trend, or something else. With tomorrow opex, I'd look for the ChartsEdge forecast to be more helpful, but still be careful. There's an old saying about opex, "up, down, then out" (out meaning you take off early and enjoy your afternoon away from the markets, and I may do it!). I don't know if that phrase is supposed to apply in all market conditions. But I will guess a lot of traders will be glad to call it a week!
Tony identified some Fib levels worth looking at in his daily update. Those of you using ChartsEdge longer term charts on subscription - I'm wondering if the Fed action will have longer lasting effects, are you? But for me, I think we are still with most of the same EW options; but I'll be reviewing this weekend of course.
Have a good evening all!
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