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Published on Sep 20, 2016
The
S&P 500 initially tried to rally during the course of the day on
Tuesday, but Turn right back around at the 2150 handle. Because of this,
we did up forming a bit of shooting star and it now looks as if the
market is simply trying to figure out what to do next. This makes sense
though, because today we get the FOMC Statement. After all, interest
rates are expected to stay fairly flat, but the wording of the statement
will be particularly interesting for stock traders. Given enough time,
the market will more than likely try to parse future expectations out of
the central bank, and as a result there could be quite a bit of
volatility in this general vicinity. Regardless though, I do believe
that the 2120 level below will act as a “floor”, and with that I think
it’s only a matter of time before we go higher.
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