The Fed announced yesterday that it would keep rates unchanged, sending the markets higher into yesterday's close. Buying continued today as the S&P and INDU are moving back into their upper ranges. The Nasdaq broke above its higher resistance and is now in new territory, closing at its record close of 5,339.
With the rate hike decision being diverted to a later date (yet again), we should expect more of the same. The shorter-term market sentiment should stay slightly bullish and range-bound, as we have seen over the last couple months. We now look to December for the next possible Fed move.
Nothing concrete has changed in the current markets. Continue to stay on track with your current outlook and take opportunities – both bullish and bearish – as they develop.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
