FED jaw boning
At one time in the overnight session ES futures were down -2.5%.
About afternoon FED chimed in with an unexpected announcement that it will start buying individual corporate bonds.
That jaw boning was enough to propel SPY to a gain of 0.9% by end of trading day.
ES futures are again bouyant, up 34 handles as of now.
The indicator is showing divergence but support is holding well. SPY 300 has been defended strongly by the bulls to date.
Markets react well to positive news (FED support, infrastructure spending) and ignore negative news (corona, unemployment picture, economic malaise, protests).
That's how the markets are trading right and being bullish above SPY 300 and the support zone has been paying off.
About afternoon FED chimed in with an unexpected announcement that it will start buying individual corporate bonds.
That jaw boning was enough to propel SPY to a gain of 0.9% by end of trading day.
ES futures are again bouyant, up 34 handles as of now.
The indicator is showing divergence but support is holding well. SPY 300 has been defended strongly by the bulls to date.
Markets react well to positive news (FED support, infrastructure spending) and ignore negative news (corona, unemployment picture, economic malaise, protests).
That's how the markets are trading right and being bullish above SPY 300 and the support zone has been paying off.
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