5/7/25 Recap

Nothing of note so far today, the SPY is just hanging around over the 8 ema waiting for this afternoon and FOMC followed by Powell speaking. We have to see what Powell does and if it makes the market happy. I don’t think he would cut rates today based on what he’s said the last few times he’s spoken, but he could surprise, there is pressure building on him to do so. In terms of levels to watch, on a happy market reaction, we could break that 200 day above at 573.15, if not, we could break down and the 550 level is where I’d look for us to hold right at the 21 day, if that doesn’t hold we have alot of room lower to go. As always on days like this you’re probably going to get a big move so if you’re concerned about a big sell off just lighten up into it.

My Open Book