Market so far looking flat this morning post the FOMC meeting. $SPY (New (Bear ETF) SH or SPY): Long on a close of 38.20 or higher. Placing the initial protective sell-stop at 37.78, one tick below the 8/15 low. Dollar (New Rec: UUP): Long on a close above 24.58. Place the initial protective sell-stop at 24.42, one tick below yesterday’s low.
Philly Fed ‘Hope’ Jumps As New Orders Plunge, Employment Crashes To 7 Year Lows
Despite a modest bounce in Philly Fed headline data – thanks purely to a jump in ‘hope’ from 33.7 to 45.8 (the highest in 18 months) – the underlying components of the Philly fed survey are a disaster. New orders collapsed, employment crashed to 7 year lows, Average workweek plunged, prices paid soared, and inventories fell.
We hate to keep repeating ourselves (the dog and I) but it is what it is. The below are momentum positions so keep that in mind.
Weekly Trend Bear: A multi-week high should be at or near completion.Daily Trend Bear: The net trend should be sideways to down over the next few trading
days.
$ES_F 60 minutes Chart
Intraday Es: 240m FL OB, 60m OS (should have BullRev next Bar), 15m Bull so sync up for 1st 15m bar trade..VV AD1.182 Bullish.
$SPX 15 minutes Chart
S&P Futures Unchanged As Europe Rises; Dollar Slide Sends Oil Above $47
In the latest quiet trading session, European shares rose while Asian stocks fell and S&P futures were little changed. Minutes of the Fed’s last meeting damped prospects for a U.S. interest-rate hike, sending the Bloomberg Dollar Spot Index doen 0.3%, approaching a three-month low.
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Fed’s Dudley Speech
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:00 PM Fed’s Williams: Economic Outlook
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Two trade alerts we will be following today. $PPG and $MCD trades triggered short yesterday – Check Room for Details.
Initial Jobless Claims
See you in the chat room
Thanks
-IKE
