As the two-year continues its relentless march higher, investors continue to brace for a wild day tomorrow when the FOMC wraps up a two-day meeting and hikes rates 75 bps.
There has been one rebound effort, which didn't have a lot of luck seducing cash off the sidelines.
Ideally, buyers would nibble on weakness tomorrow before the announcement at 2PM.
Right now, the S&P 500 is in the middle of its trading range (see yellow highlight), and it would be huge if it could break through and close above 3,900. But the bigger challenge might be to resist the urge to close at the low of the session.
We are getting close to a consequential moment. I think the market is oversold, but it's obviously vulnerable to the downside. Big swoons from here take major indices to key support levels quickly.
That's what we want.
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