Just watching to see if this plays out on SPX with FOMC coming.
Quick and simple attempt at deciphering what market sentiment will be with yet another meeting on the horizon and how it might play out on the chart. Some might quickly see higher lows developing here but it might be a bigger pattern developing. Recent run up felt rushed with no pullbacks to firmly test support. I'm looking for a right hand shoulder to possibly build and since we're starting to see RSI tops trending down if that continues while the right shoulder builds I'll see it as potential volume exhaustion and fear creeping in which I'm attributing to the coming meeting.
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