Nasdaq analysis on FOMC day and how to interpret price action- Muffett investments

We have FOMC later on today. This will be kevin warsh’s First press conference. Everyone will be looking closely at what he is saying. To be honest in our view, what he says has nothing to with price action. Actually it is the other way down. The news will be used by the market makers to manipulate market to liquidity and in the direction that they want. THe media then comes out providing an explanation as why this has happened.

We have already shared in a previous post that Nasdaq price structure looks like a Market maker buy model. We are due for the 2nd stage distribution. We are waiting for price action to fall down first to create fear and to induce selling. We continue to be bullish with target of New highs and a longer term target os 33,000. We are particularly watching the blue line at 29800. see below

What we will be watching is the top the Gap. We are watching if price goes below and immediately rejects the gap. That is very bullish. But because this is FOMC we can have exaggerated moves. So we will be watching price action around 29800. If price closes above 29800 suggesting that support has formed, then we will take longs. We will also take longs if price action rejects the top of the gap. A degree of experience is needed ( you need to watch price action for many years) before you can develop the skill.

if we have a close below 29800 on a 4 hour basis, then this bullish bias will be invalidated. we have to have a open mind and accept that we could be wrong. We have to change the bias depending on the market action

Analysis done in good faith and not investment advice.

May the Peace of the Lord be with you all and may the Lord God bless you and keep you.