Henry Gambell Analysis: Markets Review in Front of the FOMC

Heading into Wednesday's FOMC announcement the SPX is in a very precarious position. We've seen a nice bounce from the recent decline, but bulls aren't out of the woods yet. During expiration week price action could be choppy anyway, and the uncertainty around Wednesday isn't helping that any. And while the daily chart could break in either direction, the weekly chart is still a decisive buy based off the weekly Squeeze. USO is doing well in light of the recent decline in crude oil and I think we're a far cry from making "the low". LUV did well right out of the gates on Tuesday and our calls look good, but we'll have to keep the put credit spread working for another day. Outside of our existing trades PFE and CVS may have some opportunity in the April series expiration and look good to start working bullish entries. From a more immediate perspective COST and FB are both moving and both have unique opportunities based off the March monthly expiration.