Liquidation break following FOMC release. The base of the late spike at 2920.25 could be an important early market profile trading reference, depending on where price opens. Value for the day remained overlapping to higher.
Opening below the spike base and within the spike shows price acceptance and could keep the late break intact. It signifies the market had found a level where two sided trade could take place.
Opening below the spike is negative, price has not yet found a level where two sided trade can take place.
Opening above the spike can be positive, since the late spike was rejected, leaving a buying tail.
The low at 2907.50 exactly matched the half-back price reference from 9/18, a very visual short term trader’s reference.
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