Stock Market Flat Until the Fed Announcement?
Stock-Markets / Stock Markets 2015 Oct 28, 2015 - 11:04 AM GMT
Good Morning!
The SPX Premarket is marginally higher this morning. It doesn’t Appear that much is going to happen until the 2 pm Fed Announcement. A year ago the market would have been tracking higher going into the Fed Announcement.
Cycles are complex things, but you can still see the symmetry and order they portray. An example is the inverted Cycle top on October 23, exactly 60 days from the August 24 low. Had the market not been closed for 30 minutes on that day, I believe that the decline may have continued for another week. So the powers that be simply postponed a worse outcome.
But the Cycles may still be working on the old calendar, meaning that it may be adjusting back to the original schedule, which calls for a Trading Cycle low on or near November 3-4. This is doubly indicated on the other Cycle patterns.
I will be very interested in the outcome, since a Master Cycle low is overdue.
TNX has impulse lower and is now in a minor retracement. Chances are good that it may stay beneath its Intermediate-term resistance at 20.47.
USD appears to be in a retracement, as well. Its downside target may be either mid-Cycle support at 96.30 or more likely the Diamond trendline at 96.00.
All the best,
Regards,
Tony
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