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March 21 S&P 500 Update – SPY’s Bullish Reaction to FOMC

The markets had a bullish rebound to yesterday’s FOMC meeting. $SPY had two back to back bullish daily candles, and more importantly has broken out of the range with a breakout above the $517 range. SPY is continuing to show strength today with a bullish gap higher. I think there will be a pullback soon, and I am considering closing out my shorts on the next downswing. For now the price action is likely to continue trading around the resistance line, and I think there shouldn’t be any problems reaching the breakeven price for SPXS.

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