Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Post-FOMC Reaction Initially Lower


About 30 minutes after the FOMC announcement, and we see that the initial knee-jerk reaction was a swoon from 1190 in the emini S&P 500 to a new intraday and three-day low at 1176.00, which violated key near-term support at 1185.25-1181.50.

However, thus far there has been no downside follow-through. That said, both my hourly pattern and momentum gauges continue to argue for downside towards 1155-1150 next.

Only a climb that hurdles 1194-1197 will begin to neutralize my current outlook, while a climb above 1200-1204 is needed to reverse the near-term polarity altogether.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!