Daily Plan 3/22/23
FED Rate Decision
Good morning traders!
My key pivot for yesterday remained to be a very important level for the entire session.
As I anticipated some movement from the first day of FOMC, it was a complete nothing burger. Although that part was true the plan worked out to be very good. Once we began to move into low 4000s there was a change from how we traded up near 4020s at the open. Rather than tech heading lower, many of the stocks actually already came off lows which began to lift S&P with it. My main target was 4060s which never traded but we saw a rally of +40 handles.
Moment of truth comes in todays session which has been a seesaw of pause in rates, 25bps, or 50bps.