Here’s what’s bullish about today’s market
Muted Response to Fed Hike
The indices had a down day today, and the Fed announced a quarter-point rate
hike, but the response to that was extremely muted, considering the response
we’ve seen on prior occasions.
The day started out with the indices moving down with lower pre market futures.
But they quickly held at yesterday’s lows on the Nasdaq 100, even though the S&P
made slightly lower lows. For the next couple hours the market meandered in a
very tight, narrow range, as would be expected before the Fed announcement, and
then the indices popped right after the Fed announcement but sold off and then
bounced around, ending up down on the day. They were pretty much down on the day
for most of the session, other than for a brief period right after the Fed
announcement.
The Dow was down 33 1/3, the S&P 4 1/4, the Nasdaq 100 2 2/3, and the SOX down a
little bit more than 4 points.
Technicals were negative but not by much. Advance-declines were negative by 17
to 15 on New York and 17 to 12 on Nasdaq. Up/down volume was 10 to 7 on New
York, with 1 3/4 billion traded. Nasdaq traded 1.9 billion with about a 10 to 9
negative ratio.
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