S&P 500 Upmove Exhausted?

My intraday work is warning me that the upmove off of last Wednesday's low at 1262.25 is kaput, exhausted, and in need of a period of rest/retracement. What better time to do this than ahead of the FOMC meeting? I am NOT expecting the bulls to be able to lift the index above 1293 prior to tomorrow afternoon, while I would not be surprised to some profit-taking that presses the E-mini S&P into the 1285-1283 support zone in the upcoming hours.

For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his Macro Trading Charts. Or try his QQQ Trading Charts or his E-mini S&P 500 Trading Diary.

  • 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!