Market Update March 17th

Good Morning,

Yesterday we saw the market gap up to all time highs and then go sideways and fade a bit. This morning we are pointing towards a moderated gap down in the SPY and larger gap downs in the IWM and the QQQ. We have the FOMC rate announcement at 2 PM Eastern today and the Press conference from Fed Chair Powell at 2:30 FOMC events are always market movers, and probably more so than usual right now as the market is somewhat nervous about bonds, interest rates, and inflation. Every word and phrase that Powell says this afternoon will be scrutinized very closely and we could see a lot of volatility between the announcement and the presser. This is not a day to force trades as we will likely see sideways movement from the open into the early afternoon and then a lot of volatility. With this, we will not be putting out a watch list today and will simply focus on names from the weekly watch list and yesterday's watch list after 3 PM if any opportunities arise after the 2 to 3 PM volatility.

3 views0 comments