Welcome to our technical market recap with Wayne Nelson. On a day where the major averages began the trading day in the red and rallied through much of the day, only to finish slightly higher, the crosscurrent of fundamentals and technicals are converging. We’re of the opinion that the late day sell down in the major averages was in preparation of tomorrow’s QT from the FOMC. The following is a table of QT days.
Many are of the opinion the current market rally that has put the S&P 500 (SPX) some 18% from its December 2018 lows is now found fully valued up to 2,800. The “Fed Put” has been raised as causation for the market rally alongside increased market liquidity and algos in search of “the next level” to overcome. With that being said, take some time to review our technical market recap and look for our daily market dispatch tomorrow. Please click the link.
Tags: LULU SPX VIX SPY DJIA IWM QQQ