The markets continued to move through resistance levels, pushing higher today on increased volume. Yesterday’s FOMC announcement indicated economic growth; however, it could be slower than previously anticipated. We didn’t see too big of a reaction to the announcement itself, but we have closed higher over the last two sessions.
We do have an expiration cycle for March tomorrow, so we could see some consolidation and/or a retracement of today's action. Either way, make sure to keep a close eye on any positions you have that will need to be closed or adjusted. Don't overthink any "one day move" in the markets; instead, continue to focus on the overall trend. Make your adjustments and closures as indicated in your Trading Plan before looking into adding more positions.
There will be opportunity next week to enter new trades, so take your time in making decisions between setups. These markets have been in a nice trend here, so let’s continue to take advantage of them when possible.
Have a great night,
The Maverick Trading Team
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