Downside Pressure remains Strong

FX:SPX500   S&P 500 Index
The initial reaction from the fed's interest rate hike announcement was a quick spike down and then a rally.

However, from a fundamental perspective, the rate hike is bearish for the equity markets. This trade setup is more to do with fundamentals, but also, the 4H Trend is down as we trade within the channel.

The spike up attempt today will act as resistance (2040), it was also the level we spike down to on the initial rate hike announcement. Looking to short towards the 61.8% Fib of the last leg up. (1964.0)
Today's price action was contained by resistance (blue box). A downside break of the channel will confirm that the down trend has once again resumed. An upside breach of 2040 invalidates the setup, thought the longer term wave count continues to point to a lower low.
I also think the same. Also I entered this trade and I had not even seen your idea. Only now I saw. My target is only a little higher up than your :)
+1 Reply
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