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New Nominee for Fed Chair & Markets on Pins and Needles: Thursday's Market Forecast

Posted by TopstepTrader on November 02, 2017

Markets look interesting right now. Yesterday, equity futures made all-time highs before falling pretty sharply from them. Crude Oil ($CLZ7) hit its highest level since January - before falling after the EIA Inventory numbers. And Gold ($GCZ7) seems unable to find a new batch of selling since falling below $1,280. 

But this could just be the doldrums before tomorrow's U.S. jobs report, when we should see a lot of volume and activity. 

The wild card event today will be the nomination by President Trump of Jay Powell to lead the Federal Reserve, replacing Janet Yellen when her term expires in February. If President Trump indicates Powell will change any FOMC policies, the market may experience a shock. That press conference may come this afternoon. 

Here's John Hoagland with the levels that could present opportunities as you trade today.

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Topics: Market Updates