June 26, 2017

Post-Fed, Where Now?

As expected, Fed day price action kept in line with the recent past. The day started off range-bound, followed by a decent advance, then chopped around until the Fed release. Once 2:15 EST hit(Fed release), the market vacillated widely, but in the end the price action was mute as market closed the day flat. Nothing gained, nothing lost.

Now the market is firmly entrenched in a neutral state. However, our shortest-term indicators are in an overbought state so I would expect to see a decline, or at least an upside struggle, over the next few trading sessions. The S&P’s 50-day moving average is still in play and the bulls and bears are playing a mean game of tug of war. I think this time around the bears are favored.

Thank you Mr. Volatility!

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Overbought/Oversold levels for June 27, 2007

  • SPY –  47.8 (neutral)
  • DIA – 47.3 (neutral)
  • IWM – 55.3 (neutral)
  • QQQQ – 57.3 (neutral)
  • GLD – 47.4 (neutral)
  • OIH – 43.2 – (neutral)  

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