“So you’re telling me there’s a chance!”
— Lloyd Christmas
For the full dashboard, please click on ‘Download’ below:
Today’s is FOMC day, and the investment world widely agrees that Mr Warsh and his shenanigans will not hike so shortly before the mid-term election:
And I say: But what if?
Or, maybe no hike but a very hawkish press conference?
As far out that possibility seems, it is not an improbability.
Worthwhile a low-bet-size punt? Perhaps.
In the meantime, indices are happily rebounding from key support zone.
For example, the S&P 500, which even managed to “reconquer” the 50-day moving average:
Or, the Nasdaq (mini-futures), where 29k seems indeed to be a key inflection point for market participants:
The equal-weight version (QQQE) of the index is also nicely rebounding from where it was supposed to do so:
Erstwhile, the S&P 500 equal-weight index (RSP) has been in its mini-bull cycle for two weeks now:
In Europe, the SXXP has also reclaimed its 50-day MA and may be on the verge of an important break higher:
Also, Japan’s Nikkei is delivering a pitch-perfect bounce from its 200-day MA:
One of our long-time favourite focus list stocks, Crowdstrike (CRWD), has done another of its 20% head-fakes:
In other markets, not much to mention this morning, other maybe than that US 10-year treasury yields have moved north of the 5%-handle again and never closed below the 50-day MA:
Watch this space.
And also keep an eye on the EUR/USD cross, which may be breaking down again:
Gold is living on a knife’s edge:
According to this stat from the always data mining interesting Ryan Detrick at Carson Group, today is the best of the year in the S&P 500:
Which would of course stand Against All Odds in the case of an unexpected rate hike.
19:00 CET - US - FOMC Decision - nothing else really matters, and maybe not even this.
So, with this brief update, I let you go to stand up Against All Odds:
May the Trend be with You!
André
The Important One:
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Investing real money can be costly; don’t do stupid shit
Leave politics at the door—markets don’t care.
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