Stocks Pause In Front Of Fed Announcement

The countertrend rotation I have been discussing in the Briefings is at a critical decision point. If the recent highs are taken out after the Fed announcement and the Indices close above those levels, then intermediate-term resistance will be tested. On the other hand, if the Market reacts to the Fed negatively, important downside support will likely be traded through. Finally, if there is any additional banking news, it will likely weigh on price as well.

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