Market Will Open Through Resistance Today - FOMC Statement Will Be Bullish

One Option Trading Blog https://ift.tt/3hyoQD5 Posted 9:30 AM ET - The S&P 500 bounced off of the 50-day moving average and the opening gap higher on Monday held throughout the day. Buyers are nibbling after SPY $332 was tested three times last week. We are likely to see a bounce for the remainder of the week fueled by a dovish FOMC statement on Wednesday. The duration and magnitude of this bounce will reveal the strength of the market bid. If the bounce lasts a couple of weeks, the retest of support will be brief and stocks will float to the all-time high. If this bounce lasts …