A Key Update To Yesterday’s Video Ahead Of The Fed Announcement

Welcome back everyone! There were really tight ranges today. We did get the pullback that I warned you about yesterday. We so far today only got a shallow one. The main issue of the day is going to be FOMC. They are expected to hold the rates today and not continue on with the rate increase. There are a lot of uncertainties going on right now. The market has been giving its own hair cut. We don’t really need the FOMC to step in and do it again in my opinion. It could be a surprise that they come out and raise the rates again today. I am going to keep a close eye on that.

The real key is if we can get above and stay above the key levels. The DOW is still performing very well. The RUSSELL is still at the midpoint of the channel. The S&P and DOW are the strongest. That is great. The NASDAQ and RUSSELL are not cooperating. If this is a true market rally we will need them to break through the top side of the channels.

I will also be watching Goldman Sachs. It has been doing a good job of trying to get above. It is barley holding on to the top part of the channel. I always say so goes Goldman Sachs so goes the markets. We are getting accumulation and distribution back to back. There are several Doji Stars as well. It is far from determined yet. We will also need to watch the weekly resistance here.

Citi Group is struggling a little bit more. The weekly charts are near the bottom end of the channel. The daily chart is still underneath the top part of the channel. It is closer to the midpoint of the channel.

Some of these key financial stocks are not going along completely with the party yet. Two of the four U.S. Stock Indices are not coming with it either. We need to get through the FOMC. I want to see us get through the key levels on the RUSSELL and NASDAQ to keep driving this party higher. I will also be watching Goldman Sachs.

Those will be the key things that I will be watching. I look forward to seeing you all in tomorrow night’s videos or in tomorrow’s live trading room.

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