Intraday Look and Analysis: Perfect Snapshot Ahead of The Fed

With the latest FOMC announcement coming any minute now, you can expect head fakes and very short-term volatility galore.

When the dust settles, though, consider our 30-minute SPY chart, below. Yesterday, we observed that the morning hammer candlestick entirely outside the lower Bollinger Band held true, leading to the test of the “middle” Bollinger Band (20 period moving average) on this timeframe.

Essentially, we are now right at the point where we should find out if this was simply a reflexive bounce from very oversold conditions yesterday morning, or instead are on the cusp of a more meaningful move. The expected swings and volatility, post-Fed, adds to the tricky nature of the outcome.

However, the 30-minute timeframe should help give you some perspective after the initial moves.

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