Similar to the July FOMC meeting, stocks took a hit during the press conference, but came back to life in a very big way after. The pullback in oil has likely had something to do with that here, but at this point, there's still a bull flag in S&P 500 futures after price found support at a big spot taken from the 50% mark of the post-July FOMC rally. Resistance is now at the 23.6% retracement of that same move, and if bulls can press into the weekly close then bullish continuation scenarios become more favorable given the bull flag break - even after what would normally be considered a less-positive item for stocks. - JS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.