Stocks opened lower today on stronger breadth, suggesting the move lower was not sustainable. After the FOMC announcement, market participants were looking to buy. The Indices closed near the high of the day, but there were some short-term divergences. The first hour should give a good indication of the next degree move in price. On any high above today, the internals must strengthen. If they do not, expect a possible rotation through today’s range at a minimum. Any move below today’s low would suggest another intermediate-term rotation down.
DAILY BRIEFING 210317 from Joe Mertes on Vimeo.