Market Action Not Indicative Of Strong Buying - Use SPY $215.50 As Your Guide

One Option Trading Blog http://ift.tt/2dp9BiY Posted 9:30 AM ET - The market rallied after the FOMC statement and it broke through resistance at SPY $215.50. Yesterday we saw follow-through buying and we can lean on $215.50 for support. I still don't trust this rally so I am only day trading from the long side - no overnights. The Fed said that they will hike rates this year. They won't do it ahead of the election and that means a December move is likely. This is bearish news and I don't believe we will see a new high this year (unless it happens after the rate hike). …