Wed Mid-day technical video POST FOMC but pre Powell
All consensus with FOMC today- FED hikes Fed Funds 25 bps to 2-2.25%
FOMC sees further tightening in the months ahead. 12 of 16 say a fourth hike is warranted
Removing accommodative stance and seeing GDP picking up this year.
Yields have pulled back further post FOMC on the first move post Hike. 10yr at 3.066 down about 1%- Dollar however failed to move higher given removal of accommodative stance.. which many might see as disappointment
Market ticked up a bit higher in its first move to S&P +11 and has given up a few ticks just in the last few mins. Financials still not acting well- S&P 500 Financials lower by 0.50%. Breadth still flat- Energy, Mats, Financials, Utes and Real estate all lower. Healthcare leading - higher by 0.90% while Discretionary, Staples also the other sectors up by more than 0.70%
S&P hourly- Being over 2925 is positive for S&P and any reversal back under would be a negative.
For now, spiking up post FOMC has been seen as near-term bullish
Financials down 4 straight days- Disappointing for Financials not to be acting well. For now, keeping over 28 would be a positive and allow for move back higher.
Below would be a concern
TNX- A stalling out in Yields.- trend bullish but should be strong resistance 3.12-3%.
We’ll see whether Powell’s comments cause any gyrations