The Fed has provided the fireworks and now that the show is over now what? I don't mind waiting it out to identify a trend one way or the other. I can say with absolute conviction that I won't be comfortable buying into a rally until the S&P 500 clears 1525.
This means that I'll sacrifice nearly 2.5% of upside from current levels (1488), a completely acceptable level of opportunity lost.
There is resistance at around 1500 which also coincides with a declining 50 dma although breaking through that level does not motivate me into action. Of course we'll be looking for volume on any push beyond 1525.
What will the S&P 500 do between now and year-end?
Don't know, don't care, however, I did answer the survey with a "Trade sideways" to see the results. Here they are:
Rise 3% or more: 25%
Rise less than 3%: 23%
Trade sideways: 28%
Fall less than 3%: 11%
Fall 3% or more: 13%
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