The market is playing along with theme of holding up into the next FOMC meeting the first week of May. As to whether that will be a lower high or a new high to that of early March I don’t know as I can put forth arguments for both.
The market stalled just short of the resistance range mentioned, SPX 2254, and dropped the rest of the day. Certainly a good job done by bears but bulls are not on the mat just yet. Overnight equity futures are up and over the hourly moving averages. We will see if they can hold most of […]
So far the S&P 500 is following the script as it bounced up out of support yesterday. After moving a little higher we will see what they decide to do at the next decision point, either break over or resume selling, of which I expect the former.
The market has been choppy keeping several paths open. Overall, I think they are trying to take the market up, either to a new high or lower high, into the next FOMC meeting that is two weeks away. The opposite is of course still possible but looks like a lower odds outcome. The good news […]