The Fed Freeze - Market Analysis for Apr 27th, 2021

Based upon where the market was positioned as we came into this week, I expected we would see a resolution between the two paths we were tracking early in the week.  But, I did not take into account the “Fed Freeze.”  

What I refer to is that is seems that every time we come into a Fed week (as there is a Fed meeting this week, with an announcement on Wednesday at 2PM), the market just slows down until the announcement.  And, sometimes, we then get three days of action all within a 24-hour period thereafter.  It’s almost like the market catches up on its structure because it just stopped before the Fed announcement.  This seems to be what we are seeing now.

So, nothing has really changed in our analysis.   4160-70SPX is our support, and 4200SPX is the resistance.  Through the resistance we will likely be in wave [iii] of [1] of v of 3.  But, if we break support first, then it likely means that wave iv of 3 has not yet completed.

5minSPX
5minSPX
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.