FOMC Reaction Will Be Critical - This Pattern Is Likely To Repeat

One Option Trading Blog http://ift.tt/2kPT87o Posted 9:00 AM ET - The market sold off yesterday and most of the damage was done in the first 30 minutes of trading. Support at SPY $228 was breached and the breakout has been tested. This level needs to hold and stocks need to bounce this week for the price action to remain bullish. The FOMC statement tomorrow will set the tone. It is normal for the market to break through horizontal resistance and to retest that breakout. The S&P 500 is down five points before the open and it will probe for support. The Fed has raised rates two …