S&P 500...Close, But No Cigar

Federal Reserve Chairman Jerome Powell repeated his pledge Friday to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow. Powell, while not saying specifically where he thought rates should go, promised that the Fed “will act as appropriate to sustain the expansion,” a phrase he has used several times in the recent past.

Source

On Fed Powell's news, the S&P 500 futures started to rise as shown on the 15 min chart.

So I thought I was going to be able to short the futures at some point Friday as a bull trap on the 4 hr chart.

Lets zoom in a bit to the 60 min chart.

But than less than one hour later, Trump tweets the following after China will announces new tariffs on another $75 billion worth of U.S. goods.

And then demands US companies move out of China. Needless to say, the Markets dropped the remainder of the day.

At this point, I'm looking for price to retest the 200 moving avg near 2800,

which lines up nicely with a level I'm looking to go long on the 60 min chart.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

Published by Rolland Thomas on

with SteemPresshttps://mentormarket.io/strategy/rollandthomas/sp-500-close-but-no-cigar/

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