News:
Oil is rising as international tensions show no signs of subsiding.
Bitcoin is bouncing off of recent lows as inflation concerns remain high.
And market volatility remains extremely high as we await word from the Fed today. The FOMC’s 2-day meeting wraps up today and Fed chair Powell will give a press conference at 2 p.m.
I expect Powell’s words to calm the markets. Though anything is possible he typically tries not to rock the boat.
Technicals:
The markets remain oversold at the moment.
Charts are beginning to show signs of a bottom forming but I want to get through the FOMCE meeting first.
Timing:
All eyes on the Fed. The market has a history of moving up after the uncertainty of their next move passes.
I’ll keep a close eye on the markets afterward. Often times we get a fake-out before the true direction is established.
Watchlist:
*GMVD has support at $4
LLNW has support at $4
KSS has resistance at $64
HOPE has support at $17
MDRX has support at $19