wednesday morning

SHORT TERM: market gaps up on good economic reports, DOW +45
Overnight the Asian markets were mostly higher with only Hong Kong’s HSI displaying a small decline. Europe came in about 0.20% higher, and stock index futures were moderately higher throughout the night. At 8:30 Q3 GDP was reported much higher than expected at +3.9%, and ADP reported a jobs gain of 106,000. Futures rallied on the news. As a result the market gapped up at the opening as the SPX hit 1539 within the first few minutes of trading, and is still around those highs. Bonds are down about 1/4 point, Crude is up 85 cents, Gold is $1.25 higher, and the Euro is higher. Support for the SPX remains at 1530, with resistance at 1556 and then 1576. Short term momentum is now rising off of yesterday’s lows. Today at 2:15 the FED will release its scheduled FOMC statement and determination on short term rates. Will it be trick or treat for the market? Certainly this morning’s GDP and employment reports do not bode well for a rate cut. However, the GDP is subject to several revisions before finalized, and decisions are not made on one report alone. Still expecting at least a 25 bps cut today. Best to your trading!
MEDIUM TERM: bullish
LONG TERM: bullish.
SPX60minSPXdaily
 
 

About tony caldaro

Investor
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