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The Day Ahead 2017-09-28

They finally poked a new high in the S&P 500 yesterday and while it isn’t impossible that SPX creeps a little higher today, given the reaction of the futures overnight, I think trying to sell today makes sense.

The Day Ahead 2017-09-27

Bears had a chance to do damage in the S&P 500 yesterday and couldn’t pull it off and thus we should allow SPX to push up against the prior high today. Yes, I’m nervous about looking higher but the lower parallel is holding.

The Day Ahead 2017-09-26

I am getting pretty uncomfortable buying the dip in the S&P 500. A floating parallel held the market up yesterday but it is late in the rally. If the parallel fails, we will assume that the somewhat larger correction in commencing.

The Day Ahead 2017-09-25

Equity futures opened higher on Sunday but have eased back to about unchanged from the Friday close. I lean to the market pushing higher today but do have to be mindful of the possibility of a lower high set in globex if the market starts to give up ground this morning.

Russell 2000 ETF IWM 2017-09-24

The Russell 2000 is in a similar position as most of the other major indices. Probably in wave (iii) of [v] up from the 2009 low. This implies one more down/up move before any serious correction sets in.

The Day Ahead 2017-09-22

The H-bomb threat by North Korea pushed equity futures lower after the day session close yesterday but they recovered much of the drop this morning. Is that enough to consider this a failed continuation pattern up? I tentatively lean to no, that the continuation pattern is still intact.

The Day Ahead 2017-09-21

The equity indices took the FOMC news fairly well yesterday. I admit that I was thinking that the S&P 500 would have dropped a little more before climbing back but instead lifted from the first support. What now? Assuming a last punch up to new highs to finish the short term pattern. Stepping back, still […]

The Day Ahead 2017-09-20

Doubt there is much movement in anything prior to FOMC statement at 14:00. Keep in mind that there is also a press conference at 14:00 in which the Q&A can lead to market moving news.

The Day Ahead 2017-09-19

One day left until the results of the FOMC meeting. We had a brief pullback yesterday and I would like to see something similar today so as to take the stock indices net sideways into tomorrow afternoon.

The Day Ahead 2017-09-29

The main event this week is the FOMC statement and press conference Wednesday afternoon. Until then, the market may correct somewhat today but in general probably rises into Wednesday.