Waiting for FOMC's move
The markets $DJIA(.DJI)$ , $NASDAQ(.IXIC)$ and $S&P 500(.SPX)$ moved down on Friday. PPI data did not do much to help the bulls. So after movingup initially pre market, once the PPI data came out, the market swooned. Not surprising again, this market is so dependent on market inflation data and wanting the FOMC to pivot. Anydata that the market thinks may help turn the FOMC into doves will spur them on. And that may continue for a while more.
This week sees two important events. Tuesday will see the consumer price index released. Wednesday will see what the FOMC decided in terms of rates. And both are capable of driving the market. So we shall see what the data says.
Technical wise, the broad market index may either correct as an expanded flat which might see the market topping out slightly above 4020 and then pull back in three waves. Or it mayretreat from the 4000 region as a five wave pattern in which case I see a bottom around 3800 where I will look to buy.
Thanks for reading my commentary.
Stay safe š
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