The letter from yesterday noted that as long as key supports held on any FOMC-driven spikes lower, the plan was to keep looking for areas to go long, and a push through the 7736 SPX level was flagged as bullish with a target at 7753. That setup played out. The 7702 entry never even needed to be tested. The session opened with a drop to a low of 7718.37, which pointed to strong buying interest. From there, price pushed through the 7736 level, consolidated, and then ran to a high of 7758.43, just above the 7753 target. It closed with a 0.3% move higher amid FOMC volatility, and after hours it is sitting right on the key 7724 support level. $Eversource(ES)$ _F
Whether $SPDR S&P 500 ETF Trust(SPY)$ can build on this going forward is the open question. The bullish momentum remains intact, but potential volatility looms. PCE and GDP data are scheduled for release before the market opens, along with key employment figures that could greatly influence market direction, so staying nimble will be essential.
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