The market had been trading sideways most of the trading day yesterday, as traders awaited the Fed's announcement at 2:15 p.m. And once we had that announcement, supply began to come into the market, which ultimately led to the S&P 500 selling off by about 50 basis points. The decline came as all sectors sold off.
The supply-side of the ledger has not been seen in recent trading sessions, with the market marching ever higher to highs, albeit on weaker total volume metrics. Yesterday however, supply came in and it was fairly strong across the market, as evidenced by the price/volume heat map below. I would surmise that equities will, at the very least consolidate their gains, This is after the S&P 500 touched my target on an intraday basis. I think we are likely to see some short-term short opportunities here.
The supply-side of the ledger has not been seen in recent trading sessions, with the market marching ever higher to highs, albeit on weaker total volume metrics. Yesterday however, supply came in and it was fairly strong across the market, as evidenced by the price/volume heat map below. I would surmise that equities will, at the very least consolidate their gains, This is after the S&P 500 touched my target on an intraday basis. I think we are likely to see some short-term short opportunities here.
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