How Quiet Is It?
The activity in the market (or the lack thereof) brings a whole new meaning to the word “quiet” as we await the expected 1:15 p.m. Central announcement from the Fed on interest rate action.
Will the market be satisfied with a 50-basis-point cut or disappointed by 25? Only time will tell…
In the meantime, a very tight range in the stock index futures markets thus far, and much of the trade is on the sidelines until after the Fed announcmement.
S&Ps are at 1225.70, off the highs of 1227.50. Resistance up ahead in the 1229.50 area, and then 1232.50.
NASDAQ is trading at 1781, off its highs of 1787. While NASDAQ is just above the resistance area of 1770 to 1780, volatility has been extremely low and participation in this market is minimal.
Back to the sidelines until the Fed is ready to announce…