Fed to the Rescue

S&P 500 did another premarket consolidation only to spike following the opening bell, but the decision not yet to chase the upswing, was a correct one – the setup wass good enough only to capture intraday gains both ways, and the results since bringing you broader daily analyses and upgraded intraday services, has been smashing – 100 e-mini ES points captured in two days only, with the extra individual stock picks also humming along.

PPI came in hotter than analysts expected, but I readied you for that. The key event of yesterday though was the array of dovishly reassuring Fed speakers providing the initial risk-on rally fuel. Expect the FOMC minutes to be released later today, to be still on the more hawkish side. Market impact and daily plus medium-term projections are covered in the individual market section, so please do sign in to your accounts with me to read and perhaps also act on whatever is available for you.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.

Sectors and Stocks

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META is still among the best Big Tech charts, and $330 is closer than a break of $310. I would wait for today‘s anticipated tremors (described above) to play out before entering. Good SMH posture hints at eventual bullish resolution with $314 serving as a first opportune consideration to scale in – in the worst case short-term scenario. In short, I‘m not looking for a meaningful pullback.

Crude Oil

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Crude oil faces downside risks, and even $84 can come into play on little fresh news to scare the markets. It‘s the volume of yesterday that‘s most telling in the bearish headwinds set to prevail.

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