We closed our positon @ 907 ahead the FOMC decision. Seems like it was a good play too, as markets reacted negatively to news that the FOMC will not be extending their programme of purchasing bonds and mortgage backed assets. The prospect of interest rate hikes in the not too distant future looms larger now, than before the Fed meeting. With this in mind, intraday bulls were forced to think twice hence our end of day sell off. Going forward we will pay close attention to a potential long entry @ 897.1 citing the SPX's continued obedience of the ascending support line detailed in yesterday's charts.
Safe trading!!
Wednesday 24 June 2009
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