One Option Trading Blog http://ift.tt/2ItMMaj Posted 9:30 AM ET - This week the market spent time backfilling. Stocks were a bit over-extended and profit-taking pushed the SPY down to the 50-day moving average. That support level was tested yesterday and it held. The FOMC statement next Wednesday will keep traders on edge. A rate hike is priced into the market. Inflation (price and wage) is tame and a balanced statement will lean towards two more rate hikes this year (dovish). The Fed has breathing room now that hourly wages have settled down. Economic data points (ISM manufacturing, ISM services, ADP and the Unemployment Report) have been …
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