Afternoon Scoop
Today was another bullish day for the indexes and individual stocks, with prices continuing to rally higher. However, the big question mark still lies ahead with Powell’s announcement tomorrow. Regardless of what he says, it’s likely to shake the markets, and all we can do for now is wait and see how it unfolds.
Markets
- News: Despite the looming FOMC meeting, stocks are rallying. It’s important to wait for the decision and plan accordingly. We can’t predict which direction the market will go, nor can we anticipate Powell’s actions. So, it’s best to stay patient and adjust our plans based on the outcome of the meeting.
- S&P 500 futures update: We keep seeing swing highs intra-day, which is a good sign of a series of higher highs and higher lows indicating an uptrend. However, if this pattern changes, it may suggest that we are back in a chop zone. So, we need to remain vigilant and keep an eye on any changes in the market trend.
- Forecast: The indexes continue to push higher, but today, we spent most of the day below the white line on the 15-minute chart above before eventually breaking into the day’s highs. We can expect volatility in both directions tomorrow, so it’s important to wait for any shakeouts before deciding to participate in the market.
Daily Wrap-up
The focus is on the FOMC meeting tomorrow, as it could be a significant indicator of market sentiment. Depending on the outcome, it could either reinforce the current bullish trend or trigger a shift that leads to a decline in the market. To stay on the safe side, I won’t be entering any trades before the meeting. Instead, I’ll wait and see how the market reacts initially.
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