The markets pushed higher today after the Fed announced that it will take a slower approach in its interest rate policy. Fed Chair Janet Yellen made reference to current global developments, which could impact the economic growth of the U.S.
Although we don't know how long this outlook will last, the initial reaction of steady interest rates in the near future caused a decent surge in the markets. We should expect more upside in the near future; however, maybe not as aggressive as today's move.
Technically, we are now testing newer resistance levels that were set last week and we could see a slow bullish climb moving forward. Don't abandon the bear side completely; rather, continue to stay bullishly exposed for now.
Have a great night,
The Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
