The Nasdaq 100 initially pulled back a bit during the early part of the trading session on Tuesday, but showed signs of life and looks very much like a market that is stuck in a range at the moment. This makes a certain amount of sense because we do get the Federal Reserve interest rate decision on Wednesday, but more importantly, we get the press conference.
A hike of 25 basis points is expected. That, in and of itself, probably will not move much. It is the tone of the press conference that will be the real tell.
The Dow Jones 30 initially fell but seems to be finding support at 52,000 again, an area that has previously been both support and resistance. Above, it looks like the 50-day EMA is trying to act as resistance. We are approaching an oversold condition on the stochastic oscillator, but with the 10-year yield at 5%, it makes a certain amount of sense that we struggle a bit.
The S&P 500 continues to hang around the 7,600 level. This is an area that previously had been significant resistance. It now looks as if it is trying to offer support yet again. The 50-day EMA is in this neighborhood, and the market almost certainly will be waiting to see what Kevin Warsh has to say tomorrow.
With that being the case, things look somewhat neutral here. Longer term, I am still bullish until something completely changes. At this point, though, I will be looking to see whether or not we get any type of upward momentum.
#looks #makes #certain
A hike of 25 basis points is expected. That, in and of itself, probably will not move much. It is the tone of the press conference that will be the real tell.
The Dow Jones 30 initially fell but seems to be finding support at 52,000 again, an area that has previously been both support and resistance. Above, it looks like the 50-day EMA is trying to act as resistance. We are approaching an oversold condition on the stochastic oscillator, but with the 10-year yield at 5%, it makes a certain amount of sense that we struggle a bit.
The S&P 500 continues to hang around the 7,600 level. This is an area that previously had been significant resistance. It now looks as if it is trying to offer support yet again. The 50-day EMA is in this neighborhood, and the market almost certainly will be waiting to see what Kevin Warsh has to say tomorrow.
With that being the case, things look somewhat neutral here. Longer term, I am still bullish until something completely changes. At this point, though, I will be looking to see whether or not we get any type of upward momentum.
#looks #makes #certain
2 days ago
