Friends
The bulls continued to try to follow through on yesterday’s nice reversal during the trading session, but every advance was met with a wave of selling. In the end the bulls were able to grind out a win, but it took a lot of work. Whether we are trying to form some sort of bottom for this move in stocks or just biding time before another leg lower will only be determined over time, but as the saying goes the forming of both tops and bottoms in market moves is a process.
For the day, by the close the Dow Jones Industrial Average was up 67 points to finish the day at 33,128. The S&P 500 was up 20 points to close at 4,175. The Nasdaq Composite Index was up 27 points to close at 12,563. Gold was up $2 to trade at $1,866 per ounce, while oil was down $2.40 to trade at $102.77 per barrel WTI.
The Fed will wrap up their 2-day FOMC meeting tomorrow midday. We will get the Fed statement at 1:00 and then the Fed Chair’s press conference shortly thereafter. Remember, markets expect a 50-basis point hike in the Fed Funds rate and the Chair to reinforce the narrative that the Fed is determined to raise interest rates to fight inflation. Stay tuned.
Have a nice evening everyone.
