August 24, 2017

Fed Ahead

As expected the market traded in a tight range today. The price action over the last few days is typical ahead of a fed policy statement. We should expect to see volatility pick up tomorrow shortly after the announcement at 2:15 EST.

Going forward I expect to see the market continue to struggle with overhead resistance. As I stated last Friday the market is still in an uptrend, but we must be aware that the climate could be changing. If we continue to witness weak buying attempts off of oversold levels the market could indeed be in for a intermediate-term correction. I apologize for the short post, but I just do not have much to say today. Tomorrow should certainly bring more material.

Have a wonderful night!

Oversold/Overbought levels for January 30, 2007

  • SPY – 55.4 (neutral)
  • DIA – 51.5 (neutral)
  • IWM – 67.8 (neutral)
  • QQQQ – 38.7 (neutral)
  • OIH -63.9 (neutral)
  • GLD – 68.6 (neutral)

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