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March 19 S&P 500 Update – SPY Trading Within a Range Headed into FOMC

$SPY started off the week with a bullish gap higher, and this gap was at an important white resistance line. There has been a rejection at this white trendline to start off the week, but SPY is still trading below resistance here. The price action is neutral within a range, the two light blue trendlines as we approach tomorrow’s FOMC meeting. We’ll see if SPY starts to breakdown tomorrow, for now the price action is neutral between $508 and $517.

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