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Some feel the Fed has had a little bit to do with where the price of the S&P 500 is right now. Do you agree?

Right now the S&P 500 is in a tricky spot for both the bulls and bears.¬†The positives at this time, the trend remains up, as the SPX is above support and key long-term moving averages and it wouldn’t take much for an upside breakout to take place.

On the flip side, channel resistance is very near along with the Fibonacci 161% extension level.

What Janet has to say in the next couple of days could be a little more important than usual, since the bull/bear case has little wiggle room right now!

Could be a good place to put on a straddle position and see if a key breakout or breakdown takes place.

 

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