Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. Europe is up across the board. Futures here in the States point towards a slight up open for the cash market.
We have a Fed meeting today. They’re expected to keep rates at rock-bottom levels for the time being, and as is typical, the market is likely to be very slow until the 2:15 announcement.
The S&P has taken out its previous day’s high 10 of the last 12 days, so you’d think the market was trading smoothly. Not the case. Here’s the 10-min SPX – lots of quick and sudden swings, and even though the market is up, it hasn’t been a smooth ride.
No need to over-analyze things right now. The overall trend is up…the S&P is near potential resistance…the breadth indicators suggest a local top will be put in place soon or at the very least some sideways trading will play out…and since news trumps the charts, the Fed meeting today renders everything temporarily irrelevant.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers