We went pretty quickly from strong pessimism to optimism and the positioning got a bit overstretched. Today, we have the FOMC policy decision and a pushback against the dovish market pricing could trigger some short-term weakness in the stock market.
On the 1 hour chart, we can see that we have a nice support zone around the 5,590 level where we can also find the trendline for confluence. That's where we can expect the dip-buyers to step in with a defined risk below the trendline to position for a rally into new highs. The sellers, on the other hand, will want to see the price breaking lower to extend the pullback into the 5,456 level next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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