Good morning everyone
First I would like to say thank you to everyone for all the kind words, prayers and well wishes that I have received on the passing of my father-in-law. The members of this room are the best and over and over proves itself as more than a trading room but an extending family. My wife Connie and I are very thankful to be a part.
Today we had a couple fed members speaking and at 2 PM eastern we will get the minutes of their last meeting. It’s possible we could see volumes diminish after the morning rush while we wait. Personally, I would be surprised if we find out anything we don’t already know but anything is possible.
Yesterday turned in a bearish evening star pattern right at the 50 SMA on both the DIA and the SPY. Lately, we have seen big moves down rejected by big reversals the following morning. Unfortunately, we are not seeing that this morning as the futures remains flat to slightly bearish. To me, this would suggest more downside moves are likely within the next couple days. The big question if that occurs will be if the price support is strong enough to hold. I think we will soon find out.
With several of the big banks reporting Friday morning, a reversal, if there is one, would logically come at that time. That being said, we also have to acknowledge that logic is not one of the markets strong points.
Trade Wisely,
Doug
Comments are closed.