Tuesday, March 19, 2013

FOMC Tomorrow

Tomorrow (Wednesday 3/20/13) is an FOMC announcement day.  Given the position of the general averages it may prove to be a pivotal day either pushing stocks to new highs and possibly creating some sharp bearish divergence, or if price fall substantially it could push the QQQ below its trend line of its rising wedge.

Currently the technical set-up got mildly oversold today given the current  uptrend.  Hourly chart MACD on the SPY is relatively oversold but has no bullish divergence so it could stand to see some further downside before offering a possible short-term long trade set-up.

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