Forming what looks like an ascending wedge (usually bullish).
News:
Today is a Fed day. The fun starts at 2pm followed by a 2:30pm press conference.
Love this: "If it’s heading up to the best of your knowledge, get long. If it’s heading down, short it." This from the financial blog of 19-year-old Rachel Fox, a day-trading actress.
She was just featured on Good Morning America.
"When I was 16 I was like, I understand a lot about, you know, companies," the "Desperate Housewives" actress told "Good Morning America" co-anchor Amy Robach. "And ... how they IPO on the stock exchange. I had this understanding and know-how. I had the skill of managing money...."
Uh-huh, skill. Sounds a lot like Matt Seto, the Whiz Kid Of Wall Street, from back in the '90s:
"After Dad does his best to warn the boy of the peril of jumping in with no help from brokers, young Matt begins investing money and bingo! Suddenly he's outperforming 99 percent of all mutual funds in the country and is the hottest thing on Wall Street."
Glad to be reminded that trading is so easy.
Does this mean go short now? Probably not. But it does suggest if a new all-time high occurs, it could be a major sell. One by one, the stars are aligning.
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| Social mood stratosphere alert? |
Elsewhere, a direct quote from my parents upon their safe return home: "Puerto Rico rules!"
Haha! They're such great fun, and I was very sorry to see them leave. We had a great time.
FX:
USD stronger ahead of the Fed...
Treasuries:
...along with flat action in treasuries thus far.
Energy:
WTI crude ripping higher, yet NG hovering.
Metals:
Gold currently giving back recent gains, but silver, platinum, palladium, and copper currently higher.
S&P Outlook:
The S&P is in a tough spot, for forecasting that is.
To follow up on Monday's chart, an extended 5th-wave wedge may be forming. But it could easily keep subdividing.
Who knows how far it could subdivide, but without a retracement into at least the 1977 area, a slow creep higher could continue to build momentum.
The 50wma at 2032 is still untested. And there is an air pocket (very little volume) up to about 2052.
Below 1931.81 is toast.
Today being a Fed day, be ready for anything. Central banks are in a tough spot, too.
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