It's Halloween, everyone's entitled to one good scare.Congratulations to the bears for finally giving the bulls a bit of a scare just before Halloween no doubt. Lots of interesting things to observe today so lets start with our SPX 15min PnF chart once again to highlight our 1757.8 and 1764.6 support and resistance areas that we spoke about in our previous post. To continue with our trade example we would have been stopped out today since price broke below the 1764.8 support which served as the stop loss trigger. You will also notice that price hit support 1757.24 (shorting after the FOMC meeting) before rallying right back into 1764.6 area of resistance. As you can see the 1757.24 area is becoming more and more significant.
Thanks for reading.