Where will the market go ahead of the Federal Open Market Committee meeting?

There are 3 things that can happen after the Federal Reserve leader, Jerome Powell speaks Tuesday, March 22nd.

The market can go up, down, or trade sideways. We happen to be back at the 390 level ahead of the FOMC meeting. It is fitting for the market conditions given the uncertainty surrounding banks. The buyers and sellers have little conviction. Therefore, the market is leaving it to the Federal Reserve for further guidance. Where will interest rates go? Find out next, on another episode of Jerome Powell Speaks.

Structure to look out for:

Buyers:

look out for bulls to retest 390.86 pre-market

If the buyers step in we could see a retest of 391.75. There is a big gap buyers would like to fill from 392–394.4. If buyers prevail in the pre-market we can see 396.44 tested by eod.

Sellers

It will be interesting to see what happens during pre-market hours. This should give us more possibilities. The double-bottom seems to be defended on the lower time frames as well. I will not be surprised if we test 392 before the market opens. We are very balanced at the moment.

Here are the levels I will be paying close attention to should we have a ranging day.

Here are the levels I will be paying close attention to should we have a buying day.

Here are the levels I will be paying close attention to should we have a selling day.

The market’s direction will be impacted by Jerome Powell’s words on Tuesday.

The trading ranges I have provided above should give you an idea of our midpoint, upper, and lower quartile ranges we could see the price at soon.

In the meantime, there is always money to be made regardless of what happens. Happy trading and may the odds be in your favor 🫡.

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