tuesday morning

SHORT TERM: market starts lower as FOMC convenes, DOW -50
Overnight the Asian markets were mixed, and Europe came in about 0.50% lower. The stock index futures, which had traded lower most of the night, were not helped when Case-Shiller reported a decline of 4.4% in housing prices over the last 12 months. The largest drop since 1991. Then at the open stocks headed lower until about 10:00 when the SPX traded to 1531, right at the EW pivot. Bonds are flat, Crude is $1.60 lower, Gold is off $6.00, and the Euro is flat. Support for the SPX remains at 1530, with resistance at 1556 and then 1576. Short term momentum is declining after being overbought yesterday. At 2:15 tomorrow, the FED will release a statement and its determination on short term interest rates. We’re expecting, based on the indicator we’ve been observing, a rate cut of 25bps or possibly 50 bps. Also being reported tomorrow, before the market opens: the ADP employment report and Q3 GDP. The Chicago PMI will also be reported around 10:00. Best to your trading!
MEDIUM TERM: bullish, targeting SPX 1620
LONG TERM: bullish.
SPX60minSPXdaily
     

About tony caldaro

Investor
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3 Responses to tuesday morning

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  2. tony says:

    Hi Mike,
     
    THX.
    Short term is days to weeks, Medium term weeks to months, and Long term is months to years.
    Enjoy! 
     

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  3. Unknown says:

    Tony,
     
    I am new to your sight and really enjoy it.  What are your definitions of Short, Medium and Long term.
     
    Thanks,
    Mike

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