On Tuesday, markets opened in the red and faded through the morning session.
The bottom was in at lunchtime, and then buyers pushed prices higher.
The indexes settled in the red but well off their session lows…
- Dow Jones -0.3%
- Nasdaq -0.2%
- S&P 500 -0.2%
- Russell 2000 -0.4%
Notably, crude oil prices are showing signs of peaking…
This morning, markets are awaiting The Fed decision, due out at 2 PM.
Sector Round Up
Bears own the day on Tuesday. Just 2 of the 11 sectors posted gains.
- Healthcare (XLV) +0.1%
- Communications (XLC) +0.1%
At the bottom…
- Real Estate (XLRE) -0.5%
- Utilities (XLU) -0.5%
- Energy (XLE) -0.9%
Sellers, thus far, have ruled September.
But there hasn’t been any fear to accelerating the selling.
With the VIX holding well below 16, we can’t make a legitimate bear case in the near future.
We expect markets to bottom out today with the Fed’s decision
Your latest readout…
The FOMC meeting concludes today.
- Interest rate decision drops at 2 PM
- Fed Chair Powell delivers his speech at 2:30
Watch the market’s reaction, not the headlines. Just never trust the first move.
*SHOT (formerly JUPW) support at $1.40
GRPN support at $12
CABA support at $16
GIII support at $24
APLT support at $2
NN support at $5 / $5.50
MAPS support at $1.50, resistance at $1.75
TNGX support at $8, resistance at $9
Secondary watchlist—float 100+ million
TALK support at $1