August 17, 2017

Expect to see choppy trading and then fireworks

Not much to say tonight. As the market prepares for the upcoming Fed announcement tomorrow, I expect to see low volume and tight range-bound trading. The release is due out shortly after 2 EST and I expect to see some fireworks following.

As I stated yesterday if the market decides to continue the rally from today then we will want to watch the 1375 level (on the S&P) as the first area of strong overhead resistance. A move to the downside and I will be watching the recent lows.

Overbought/Oversold for January 29, 2008 

S&P (SPY) – 54.8 (neutral)

Russell 2000 (IWM) – 61.3  (neutral)

Dow (DIA) – 58.8 (neutral)

Nasdaq 100 (QQQQ) – 36.5 (neutral) 

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