Yesterday was yet another riveting session filled with excitement, as SPX traded within an 11 point range, and ended the day up more than FOUR entire points! If this market doesn't get your blood pumping, I don't know what will.
Despite the incredibly boring market of late, today is a Fed day, so that usually means we may see some genuine movement. Fed days are known for fake-outs, and Fed Chairman Jerome Hayden "Jay" "Powell to the People" Powell Jerome Nedyah Jay, Jr., DDS, CPA, PhD. is still an X-factor as far as the market is concerned -- especially given the complexity of his name alone -- so that may bring additional volatility. Usually after 2 p.m. Eastern.
There's still no material change to anything, though it's worth noting that SPX is finally into the ballpark of the long-standing red (2)/B label:
INDU would look a little better with at least slightly higher prices:
In conclusion, it's interesting that this pattern has finally reached its major inflection point, and that inflection point "just happens" to align perfectly with today's Fed announcement. One would think that if this is indeed still a bear pattern, then it may complete today.
Keeping an eye on the other side of the trade, though: If bulls are going to pull out a stunning last minute upset, one would likewise think that this week would be where they make that plan known.
It's worth noting that the market has seemingly struggled to rally, taking more than two months just to retrace the March decline, which only took about two weeks. More often than not, this struggle to move suggests a move that is counter to the larger prevailing trend. Trade safe.
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