In today’s briefing:
- Today’s Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910
Today’s Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910
- The SPX, $IWM, $QQQ continue to have trouble breaking above their 200-day MAs and YTD downtrends, while the DJIA has been unable to sustain a breakout above 34,280.
- With that said, all four of these indexes are consolidating within tight ranges just below the aforementioned resistance levels, building energy for the eventual breakdown or breakout.
- We still recommend shifting exposure to defensives (Staples,Utilities,Health Care) and/or taking profits following this rally, but we cannot rule out potential for major upside breakouts. We discuss specific levels below.
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