SPY exploded higher into the close on December 15, 2021, after the Federal Reserve press conference.
📈 Intraday Chart of SPY
The explosive move higher in the last two hours of trade was impressive.
Powell says possible Fed could raise rates prior to reaching full employment
Fed Chair Jerome Powell said the Fed could raise rates prior to reaching full employment.
Powell doesn’t expect to raise rates while still purchasing assets
Powell said the FOMC hasn’t taken a position yet on the timing gap between the end of tapering and a potential first rate hike.
Fed’s Powell says currently projected pace would end taper by mid-March
Powell repeated in his opening statement that the bank is ready to adjust its tapering plans as needed.
Fed Chair Powell says FOMC participants expect ‘gradual pace of policy firming’
Fed Chair Jerome Powell said in a press conference following the central bank’s rate setting meeting that FOMC members expect a gradual pace of policy firming.
📺 FOMC Press Conference December 15, 2021
The Federal Reserve streamed the press conference:
📈 SPY Technical Analysis
The rising large players volume is bullish and the Twiggs Money Flow has gone positive. The MACD is looking bullish too. The long term trend is positive and the short term trend is neutral. SPY is currently trading near its 52 week high, which is a good sign. There is a resistance zone ranging from 470.75 to 470.75. This zone is formed by a combination of multiple trend lines in multiple time frames. There is a support zone ranging from 457.33 to 464.26. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. Besides having an excellent technical rating, SPY also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 464.26. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 462.49, a stop order could be placed below this zone. Click here to sign up for email alerts on SPY and when the technicals either improve or breakdown.