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Monday brought a mixed day ahead of the two day FOMC meeting. The Nas 100, Nasdaq Composite along with the Dow closed green. The S&P 500 slipped into red territory at the end of the day. The NYSE left a little higher volume than Friday for a distribution day and the Nasdaq was lighter volume for the green day. Over all it was just a narrow range pretty quiet day. One that could make you a little seasick if you were not pretty nimble on the trigger today. I expect more of the same Tuesday as we head into the start of the two day FOMC meeting.
Gold closed down $1.50 at $643.20 on the day. Which is normal ahead of fed to see some jittery trading. Oil also down on the day at $54.01 -$1.41. The range was pretty broad on oil with a high of $55.96 and low at $53.75.
Tuesday we can expect more of Monday’s action. A test of the support to hold and keep us in range until after the FOMC on Wednesday announcement comes out. Two Dow components report pre market Tuesday, which should make for some volatility. With the Nasdaq hanging right at the 50 day moving average we can expect range until the Fed clears the air and lets things move.
Economic Data for the Week: Tuesday 10:00 Consumer Confidence and the two day FOMC meeting starts, Wednesday 8:30 Employment Cost Index, 08:30 GDP Adv., 09:45 Chicago PMI, 10:00 Construction Spending, 10:30 Crude Inventories, 14:15 FOMC Policy statement, Thursday 8:30 Personal Income, 08:30 Personal Spending, 08:30 Initial Claims, 10:00 ISM Index, 10:30 Natural Gas inventories, 12:00 Chain Store Sales, 17:00 Auto Sales, 17:00 Truck Sales, Friday 08:30 Nonfarm Payrolls, 08:30 Unemployment Rate, 08:30 Hourly Earnings, 08:30 Average Workweek, 10:00 Factory Orders, 10:00 Mich Sentiment Rev.
Some earnings for the week: Tuesday pre market MMM, CME, CFC, JBLU, LXK, MRK, PCAR, PG, UPS, LCC, WYE and after the bell ADPT, AMLN, CTS, JNPR, LSS, RBAK, SNDK, SIRF, X. Wednesday pre market ACS, AGN, MO, BA, BOT, D, LLY, IR, LLL, NMX, OXPS, PTIE, SEPR, TWX, and after the bell CAI, DLLR, EOG, GILD, GOOG, MCHP, SWIR, SBUX, TUP, VRSN, WEBX, WU, WGL. Thursday pre market AGU, ASD, ADM, BSX, CELG, CLX, EOP, XOM, ITWO, IP, MHO, MRO, MNST, MYL, NUCO, HOT, UTEK, UA, VLO and after the bell AMZN, ANPI, ASYT, ATML, BKHM, CA, ERTS, ISRG, NBIX, ONNN, RACK, VRTX, WEBM, YRCW. Friday pre market AXL, ACI, CVX, ERIC, NYX, R, THQI, WEN. These are just some of the earnings on the week that maybe of interest, also keep in mind they can move without notice.
NQ (Nasdaq 100 e-mini) Tuesday’s pivot is 1787.75, the weekly is 1792.50. 60 minute chart is showing a head and shoulders pattern, if the neckline breaks (1777.25) more downside will be seen. Measured move would be down at 1733. Intra day support: 1777.25, 1765.40, 1758.55, 1741.50 and 1733. Resistance: 1794.25, 1799.50, 1804.50, 1812 and 1821.50.
Teresa Appleton has traded equities and options for nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For more information about Teresa and the training she offers stock, options and futures traders, click here.
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