Consolidation towards FOMC
FOMC is 17 days out. The market direction from here might hinge on how aggressive the fed is. A strong cut 50bps would probably signal to the market we'll boost assets. 25bps shows restraint in balancing the risk, which I think is more unemployment now, and would probably be the catalyst to make the markets a little more fearful.
I'm not expecting much volatility just yet, will keep my trading small in size, tight in risk until I can find a direction off of this level. A run up would target towards 20k, one stab at a possible new all time high.
If we can't find the optimism, unemployment risk starts coming into focus, then I would expect the market to fall off from here, and this would represent a good potential swing short entry with good RR.
I'm not expecting much volatility just yet, will keep my trading small in size, tight in risk until I can find a direction off of this level. A run up would target towards 20k, one stab at a possible new all time high.
If we can't find the optimism, unemployment risk starts coming into focus, then I would expect the market to fall off from here, and this would represent a good potential swing short entry with good RR.
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