FOMC to surprise much
|S&P 500 retraced lower thanks to retail selling after the open, yet guess who and what bought before the closing bell? Look at financials, semiconductors (defying NVDA) and discretionaries with communications. - ignore SMCI, TSLA and PLTR with NCLH as I talk at length in today‘s packed video preparing you for FOMC and its aftermath.
As I talked in yesterday‘s video, the market has gone quite far since immediately bucking Friday‘s underwhelming data, and cooling off yesterday is actually healthy, very healthy in not breaking below the client given ES 5,645 support‘s farthest edge.The outlook is very slowly brightening, and be ready for rising volatility heading into FOMC (expecting that to err on the slightly dovish side, but review today‘s video to get that information put into full context beyond stocks and USD).
Compare the S&P 500 sectoral performance on Friday close (above), and following Tuesday (below) – while client profits are growing (both swing and intraday, of them all), I‘m discussing the implications and what to do about them further on with clients. Just review the oil call of $68.50 to the upside and no more precision, and forget not bullish copper calls lately too (with silverr in tow… that‘s Trading Signals).
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