End Of Day Post

The INDU and the S&P pushed through resistance levels, with the Nasdaq not too far behind. The markets started off slow, but picked up momentum to the bull side after the FOMC minutes. The Fed’s stance hadn’t changed much from its last meeting, with no rate hike planned for September. The Fed is still focusing on continued weakness overseas and keeping an eye on economic stability at home.

After today’s FOMC minutes, all three majors turned higher since we will probably not see a rate hike in September. We will see if today’s move has any follow through tomorrow to confirm a move out of the markets upper range. We could see some bullish trades trigger here (which is great), but don’t over-extend yourself too far in one direction just yet. Today was only the first test above resistance and we will indeed need to see a little more before changing to a more bullish outlook.

Mid-Week Outlook:

• Bull: 11%
• Sideways: 31%
• Bear: 58%

Have a great night,

Maverick Trading