One of the bigger surprises from the last week was the lack of movement we got after the Fed announced yet another 25 bps rate hike. Normally, these announcements will initiate some kind of massive move after the announcement, followed by a continuation of the overall trend.
This time was a bit different as the move was much more subdued. However, the next couple days brought some volatility back to the market. Looking at the S&P 500, we saw a pretty bearish candle form after the announcement. This would have been a nice setup for those who took calls after the selloff.
However, there wasn’t much confirmation given that we were going to head higher immediately following the opening bell the next day. On Friday, we weren’t able to break out through the resistance level on the S&P, however, there still appears to be some gas left in the market’s tank and with more companies set to announce earnings, there will be plenty more setups coming into play.
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