Technical Picture - Bulls Defend Support

Prices opened slightly weak, but the bulls defended support and the early thrust held into the FOMC, at which point the bears came in strong, but not strong enough as you can see from the SPY chart below.

An inverse H&S pattern developed on 1 minute chart and a short squeeze ensued. That didn't last long and the bears pushed prices back down into the close. Still we end the session with a bullish engulfing stick on the daily.

One of my strategies going into the session was long oil/commodities after the run up in the $USD. Luckily, oil didn't have as wide an opening range as most other stocks on my focus list, so I was able to get in for a fast trade.


SOHU and SNDA look compelling as short opps.