The major indexes finished the day slightly up (but mostly flat). A majority of traders are in a “waiting game” until the Federal Reserve announces its interest rate decision on Wednesday.
The S&P 500 (SPX) closed back above the daily 200 simple moving average (SMA) but remains below the 21 exponential moving average (EMA) and 50 SMA with a daily Big 3 sell signal. For now, I’m still a fan of shorting the rallies. What might give us a rally to short tomorrow is the hourly squeeze in the SPX.
In the video above, we’ll review key levels the bulls may face as there is major resistance above on the SPX and QQQ.
ANNOUNCEMENT: The update of the Big 3 Indicator is going live tonight, March 20th! Be sure to check your Big 3 Indicator Page to get the most recent update. Don’t have the indicator? For a limited time, you can get the Big 3 Indicator for 30% off in our Tax Day Pre-Sale. Use the coupon code: TAXDAY at checkout. Note: This sale ends tomorrow, March 21st, at 11:59pm Central.
