S&P Daily Pre-Market Prep 3/22/17
"The sky is falling", "Market loses confidence in Trumps plan", "a 5% stock market correction is coming"...Funny how the financial press didn't mention any of this impending doom yesterday morning....
"The sky is falling", "Market loses confidence in Trumps plan", "a 5% stock market correction is coming"...Funny how the financial press didn't mention any of this impending doom yesterday morning....
Volatility is gradually reducing, not what we want to see. So now I am without bias and waiting for something to wake the market up.
I'm on the lookout for us developing to a range. Looking at 2351.50-2398 potentially.
A pretty flat day yesterday, so no 'resolution' after the FOMC.
A nice pop up on the FOMC. First order of today - are we going to keep it? If we look left, we are close to the all time highs and a rejection there would leave us potentially in a narrow range...
As Market held at the 51.50 level (were had 51.25 on our watch list). We can't read too much into that medium term because it's FOCM today and a likely rate hike. So we have to let that wash out...
As expected Monday was lackluster with little movement.
Still looking at 2 scenarios1 - Market finds support at a recent level (may have already happened)2 - Market moves into a nice 100 point rangeWe may not get an answer till after the FOMC - rates...
Market is pulling back. Not a lot and I'm still watching out for us to settle into a nice 100+ point range.Trouble is - pullbacks have been very shallow of late, so it's be silly not to look for some...
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