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Today is the grand finale of the 2 day FOMC tent revival meeting. It will climax with the regular appearance of Load Jaysus before the assembled masses at 2:30 PM ET, to. He will explain the proclamation the high priests of monetary policy hand down at 2 PM.
The only thing that will matter is whether they announce any change of plans regarding balance sheet reduction. All else is fluff. The end is coming, o ye sinners. Prepare to meet thy doom. The Danger Is that the Rally is Narrowly Based
In the meantime, Partay On, despite the issuance of $42 billion in Treasury coupons today, and $58 billion in T-bills in the next week. At least. And watch that RRP slush fund drain down. Tick tock. Z Day cometh. Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble
Meanwhile a few traders in the ES 24 hour S&P futures had second thoughts in the Asian session overnight, but as long as they’re above 4897 when NY opens and 4899, when it closes, then no harm, no foul. This remains a bullish setup.
If the uptrend lines hold, then we can look for at least a test of the high, and with some likelihood that they’ll take that out, then 4950. Beyond that, 4980. I don’t think that we’ll see 5k today, but stranger things have happened on FOMC day.
Thinking about the possible downside, wot? They’d have to break 4890 for starters, then there’s a big spport zone in the 4860-70 range. Can’t imagine that, and really can’t imagine it breaking.
For moron the markets, see:
- Swing Trade Screen Picks – Clearing Out the Shorts January 30, 2024
- The Danger Is that the Rally is Narrowly Based January 29, 2024
- Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble January 28, 2024
- No Way Gold Has Forceful Breakout – 1/26/24 January 26, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
- Weekly Bank Data and Fed Balance Sheet Say the End is Nigh January 16, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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