Goodmorning trading world, we have been on pretty much a steady ride to the upside only broken up by consolidation before another push to the upside. With the upcoming FOMC announcement coming on Wednesday I am looking for a flush down to start before the actual announcement and pretty much come to an end with the actual announcement give or take a day. This particular flush down is the beginning of a consolidation on a bigger scale based on the daily and weekly timeframe and range. So, even with a deep pullback this week it is still a high probability of closing the week unchanged or positive, and that is with me anticipating a pullback down into the upper to mid 4800’s.
Key stocks to watch and that will drive the S&P 500 this week are AMD, META, AMZN, GOOG, QCOM and UPS. At some point this week we will be looking for upward momentum to fade in Meta and AMD kicking off the flush down in the broader markets. The Game plan for me is to find places to start getting short early in the week holding at the latest til Friday morning.
Happy Trading!!!