17 Mar SPY Chart Analysis for Wednesday FOMC Rate Decision, Mar 18th, 2015
FOMC will release interest rate decision and statement on Wednesday afternoon March 18th, 2015. Rate hike fears loom going into the announcement.
The SPY has a daily make or break pitting the daily 15 period moving average (208.82) and weekly 5 period moving average (208.63) resistances against the daily 5,15 period, 15 period weekly and 5 period monthly moving averages (206.16-206.00) supports. The 207.86 is a daily fib. Baring a rate hike, will like expect some knee jerk moves to test both sides before and if a resolution develops on the daily make or break. The 60 minute Bollinger bands are in compression stage now and will look for expansion move tommorrow. I will be in chatroom on Wednesday.