- No surprise hike by Fed.
- Three dissenters calling for a hike and arguing for a need to cooldown financial markets ( .. really?).
- 1% rally in principal Us indices and Gold . Nasdaq 100 and Composite at new all time highs.
- USD slightly weaker and bonds rallying as well at long end of curve.
Next focus for Us stocks is Q3 earnings season starting on October 10th. SP500 in 2120-2195 range are levels to watch for more down/upside. Nasdaq 100 crossing above previous highs (At the moment only a one day move ) and daily MACD crossing higher based on yesterday’s closing is giving a bullish technical signal … that is hard to justify on a fundamental basis at these levels/valuations. I would respect the bullish signal as long as 4790-4800 and more importantly 4650 are not recrossed on the downside.