If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Tuesday, March 17, 2015

Daily update 3/17 All eyes on the FED

Despite a sizable gap down it turned out to be a fairly quiet day.  The pattern of the month where every up day is followed by a down day held again. 

The dip buyers were present enough to keep SPX from tanking early this morning.  The breadth was only -52% at the end of the day.  It was much more negative early in the day so people were swooping in to pick up some bargains.  New highs were 110 to 72 new lows.  That is a considerable drop from the highs yesterday.  It was a pause day.

The 100 SMA on the futures acted like a magnet today.  It would not let price stray very far away.  The futures are still showing green price bars so there is a bit of an uptrend.  The DI lines crossed back negative, but so far price has not resumed the down move.  It looks coiled up for the next big move though. 

Tomorrow is the FED meeting.  There has been lots of discussion about them removing the word patience from the statement.  I am not going to predict what they will do or what the market reaction will be.  We look setup to make a move after the meeting whichever way it goes. 


No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.