Market Dip Will Be Brief - Bullish Speculators Were Flushed Out

One Option Trading Blog http://bit.ly/2V8gVFW Posted 9:00 PM ET - Yesterday the market tried to push higher and the FOMC statement sparked selling late in the day. Fed officials remained dovish and they are in "pause" mode. Some analysts were looking for signs of a future rate cut. The S&P 500 closed on its low of the day and a bearish engulfing pattern can be seen on the daily chart. We should expect weakness early today and the bid will be tested as bullish speculators get flushed out. Global official PMI's were in line, but major economies are hovering just above contraction levels (50). QUALCOMM said …