We saw the S&P jump yesterday as did the broader market, signaling some upside strength. That alone is good but there is much more to the story. The Fed did what everyone expected and raised rates. Had they done anything other than expected the uncertainty would have surely pushed things farther down. We have also seen oil drop offering some hope of relief at the pump on the horizon. Even the charts had some optimistic news. Take a look:
Yesterday was the first full up day above the 10 day moving average. More importantly it confirmed support at a point that has recently been tested three times. That triple bottom is a solid footing to move up. You can also see in the red circle that we tested that are of support before only to return back down to it in a couple weeks. This recent uptick viewed in the context of the economic news we mentioned above and coming off proven support is a positive sign. We are also seeing the VIX easing up which further supports upwards momentum.
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Keep learning and trade wisely,
Market Wealth Daily