Midday Update: 2023-06-14
A late morning high in the S&P followed by a slip back into the FOMC statement
The S&P 500 tested the close from yesterday right at the open and pushed up for the next two hours. The high pushed just past the 4432.00 target in futures before reversing back under. The morning high has momentum divergence and a Wave 59 9-5 exhaustion signal at that high. I would like to see 4405.25 tested at which point we find out if there is enough momentum to push for the next target at 4466.00 or if 4405.25 fails, see lower supports at 4369.00 or 4334.00 tested. Note that there can be several swings this afternoon, one on the rate announcement, and at least one if not more depending on Q&A in the 14:30 press conference.
Good luck if you wade into the FOMC volatility. For the less intrepid, easier trading can often be had on the day after.
I’m also interested in seeing if the Euro sets a lower high either today or tomorrow morning. Next overhead target at 1.0909 tested with momentum divergence present and just short of an exhaustion signal, on a gold 4 now, gold 5 being ideal. Would be bears need under 1.0818 for decisive proof of a reversal lower.