The market is having trouble getting over the 912 SPX pivot point. You can see in the 30 minute chart below that the stochastic has come out of overbought and is now pointing down. This type of action could produce further selling into the close.
Below is a one month daily chart of the DOW. Note the fresh buy signal here, that aligns the daily buy signal with the weekly, but the daily will be back in overbought soon. Volume on the day is lighter than yesterday and it looks like the market is consolidating.
From a fundamental perspective people are wondering if they should own assets due to the printing the Fed announced, but I think they are going to be disappointed in the long run. The bond and currency markets continue to show signs of turbulence and turmoil.
It looks like the short term indicators are going to finish the day mid-range. I still think this is a good time to play small, I can make a short term case for either direction, but favor the upside until Christmas is over. You can see how making money short at this time is not being rewarded, but neither is being long. It’s a sideways grind.
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