We finally trading out of the range to the upside and most of the market views are pointing to the upside. Markets will look for clues regarding the Fed’s decision when Chair Janet Yellen speaks on the economic outlook before the Economic Club of Washington. She also gives welcome remarks before the National College Fed
Indexes ended in red amid declines in health and consumer discretionary shares, while Treasuries registered modest gains. Prospects of further European Central Bank stimulus dragged the euro lower and pushed the dollar to its highest level since mid-March. Estimation of higher OPEC output pushed oil lower, while gold advanced.
If the market is not trading lower there is only one direction it could take. The current range trading cannot last much longer. Because of the American holidays I might give the benefit of the doubt if we don’t trade to 2100. Indexes were little changed with early reports on the holiday shopping suggesting weak turnout weighed on
SPX: RSI at 58 – Range trading Gains in healthcare and consumer stocks buoyed indexes. The dollar advanced after upbeat U.S. economic data strengthened expectations of Federal Reserve’s rate hike in December, while gold dropped. Treasuries traded higher as shorter-dated German Bund yields fell to record negative levels. Drop in rig count pushed U.S. crude