Have you been paying attention to the S&P 500? Tuesday morning it was making new highs, and looking to continue to execute a retracing bounce higher.
After taking a closer glance of it on my four-hour chart, I also noticed an intraday double-bottom pattern happening with the candlesticks — meaning the stock market has been gravitating higher these last couple of days.
So is this the tone the stock market plans on setting for the rest of the month?
Before I can determine that with confidence for you, I’m still waiting for two major news dynamics to implode into the tail end of this week: What the Fed has to say today could be a huge catalyst for the stock market, and then we have to deal with a gamma pin going into Friday’s quadruple witching expiration (the day when futures, options, stock options and single stock futures all expire at the same time).
And since quadruple witching Fridays happen only five times a year, I have a feeling it’s going to be a significant day for the stock market…