Market Building Launch Pad For Next Leg Higher - Watch For Support

One Option Trading Blog http://ift.tt/2CeFRSD Posted 9:30 AM ET - In my comments yesterday I said that the FOMC minutes could spark selling and they did. Fed officials still plan to hike three times this year and the market did not like the news. Most analysts are expecting three rate hikes so this is nothing new. Don't trust the early rally. We need to probe for support before the next leg higher and start. The SPY needs to fill-in the gap at $269.60 and it should do that this morning. The futures did fill in the gap overnight. Once support is established buyers will step in. …