The market is testing a well defined trend line which is also a confluence with the horizontal support. This is an inflection point to watch. A decisive break would lead to a liquidation move to a previous support where buyers may be active on first test.
The FOMC meeting is on Wednesday. We may see some drift back and forth while the participants wait for the meeting outcome.
The negative divergences are intact. That adds odds to the downside move but the price may do the opposite. Watch for fake outs. Those usually the best to trade knowing that the other side is trapped.
Stay nimble. Market provides long and short opportunities every day.
9/14/2019
The FOMC meeting is on Wednesday. We may see some drift back and forth while the participants wait for the meeting outcome.
The negative divergences are intact. That adds odds to the downside move but the price may do the opposite. Watch for fake outs. Those usually the best to trade knowing that the other side is trapped.
Stay nimble. Market provides long and short opportunities every day.
9/14/2019
