Interest rates remained the same after the FOMC announcement yesterday. The Fed referred to a possible rate hike in September if near-term risk continues to diminish. There was little to no reaction to this announcement since no change to policy was expected by the markets.
We continued to build a high base pattern in both the INDU and S&P. The Nasdaq has been enjoying a good round of earnings results – with AAPL, FB and AMZN all moving higher, to name a few.
Stay patient here...the markets will move when they are ready. Continue to take advantage of short-term, sideways price action.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team