Hello Substack Friends,
Talk about market excitement! FOMC Day has delivered once again, and Jerome Powell certainly knows how to put on a show. The market's response to the Fed's decision not to raise rates – and the hint at potential rate cuts in 2024 – was nothing short of electric.
Our morning vigil at the 4695/97 support zone paid off handsomely. Once the rate decision hit the airwaves, buyers stormed in like a cavalry charge, propelling us towards our 4764 target. It was a textbook example of market dynamics in play, and a thrilling one at that.
The resultant surge wasn't just confined to the S&P futures. The Nasdaq and Dow Jones soared to new All-Time Highs (ATHs), and as I write this, the ES/S&P futures are still climbing, seemingly unstoppable, now just 25 points shy of their own ATHs. It's like witnessing a financial symphony, each index in perfect harmony, creating a crescendo of bullish momentum.
Even with more high-impact news expected for the rest of the week, the markets appear unshakable. Any attempts at a pullback or rotation seem to dissolve before the relentless upward drive. It's like we're back in the days of heavy Fed stimulus, and in these conditions, even thinking about shorting feels like stepping in front of a freight train.
These last two months have been extraordinary, showcasing some of the most aggressive and relentless pushes I've ever witnessed in my trading career. It's a stark reminder of the market's power and the importance of aligning with its momentum.
I'm glad our Morning Insights set us up for success today, and I hope it translated into profitable moves for all of you. Let's regroup tomorrow for another day of navigating these dynamic markets. Here's to another day of potential and opportunity!
Catch you in the AM for more insights,
Ryan Bailey
Founder / CEO
Vici Trading Solutions