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Learn MoreGood Tuesday Morning, MPTraders! April 30, 2024-- Pre-Market Update: Today is the final trading session of April, but the first day of a two-day FOMC Meeting... After the close, Big Tech earnings from AMZN, AMD, SCMI, and SBUX...But first up is the negative reaction to the Employment Cost Index (Q1, 2024), which came in much higher than expected at 1.2% vs. 1%, and apparently has given the near-term overbought equity indices an excuse to correct some of the 3.4% upmove in SPY from 493.86 (4/19/24) to 510.75 (4/29/24). In reaction to the data (which according to CNBC's Steve Leisman is the Fed's favorite employment-wage indicator) SPY nosedived to 507.
After moving lower yesterday we saw the market move up sharply after the FMOC announcement and we are still sitting near the highs at the time of this writing. While this is certainly opening the door for a bottom of the wave (b) to be in place we still are not out of the woods just yet and will need to push through a few more levels of resistance to confirm that we are indeed pushing higher in a larger wave (c) of b.
While we are certainly in the region from which I can reasonably expect a bottom to be struck, I still have no clear indications that a bottom has indeed been struck. I am seeking a clear 5-wave rally off a low, and none has become evident just yet.Meanwhile, as I have noted in the alerts I posted in the trading room over the last day or so, GLD is still holding over its 208 region support, which has me on alert for a 5-wave rally to begin.
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