Mid-week market update: The stock market reacted with a risk-on tone to the FOMC decision. The S&P 500 has staged an upside breakout through the 4100 level. While I am cautiously intermediate-term bullish, be warned that the initial reaction to FOMC decisions are often reversed the following day.
Keep in mind that this is a weekly chart. The week isn't over.
The full post can be found here.
Be wary of the initial reaction on FOMC days
February 01, 2023 at 16:27 PM EST