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The Post-Fed Give-Back in e-SPM. What's Next?


Mid-way through today's post-FOMC session, and we see the weakness has given back exactly 50% of the upmove from the pre-FOMC low at 2052.25 to yesterday's high at 2099.75.

In addition, and more important, is that the e-SPM has returned to the area of its upside breakout plateau at 2075-2073, which "in theory" should contain any additional selling pressure prior to my expectation of a the initiation of a new upleg.

Should the index press still-lower, then "the grey area" resides between 2073 to 2060 (shown on the chart with a gray circle).

As long as the e-SPM holds above or within the circle, the bullish scenario will remain intact, and calls for upside continuation to new high territory.

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