Fed Chair Janet Yellen surprised traders/investors by indicating that the “Zero Interest Rate Policy” (ZIRP) may come to an end a full six-months ahead of market expectations causing a sharp sell-off from recent highs. Though no real technical damage was inflicted, this is sure to result in money managers beginning to adjust their timeline component to investment strategies.
Overnight trade has price dead center within our projected target zone we highlighted in yesterday’s blog post: Here’s an excerpt: “Key support at 1859 – 62 zone becomes the “key marker” to hold for continued upside potential. IF violated and converted, THEN downside price targets project 1845 – 48 zone ” …
Continued selling below 1845 projects further weakness down to 1835 – 37 zone…followed by TargetMaster Zone 1831 – 1832.25. IF price can stabilize above 1845.00, THEN upside hurdle for bulls is 3DCPZ between 1850 – 55 zone.
Stay Focused…ALWAYS USE STOPS!
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.