The tone was not as dovish as many analysts had expected. Here's the game plan today.
PRE-OPEN MARKET COMMENTS THURSDAY – After the SIVB bank failure, traders were expecting a softer tone from the Fed and the market rallied almost 10% off of the low. Many analysts were looking for a pause after this 25 basis point hike. The Fed has been extremely hawkish to this point. I mentioned this in yesterday’s comment and that is why I felt that surprise favored the downside. The FOMC statement pushed the S&P 500 below the major moving averages.
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