US equities are set to see price action get real dynamic across the rest of today. The algo-bots will have a press release to digest, but perhaps even more important, the subsequent press conf' with Yellen. Will Aunt J' inspire confidence in the bull maniacs.. or appear weak?
If the market wants to cause max initial confusion it'll spike to 2095/2100... before a very sharp reversal.
*frequent updates... across the rest of today.
2.02pm.. CRAZY ass VIX.. smacked to 13.50.... then rebounds...
So.. no rate increase of course.... and the market is moderately weak.
Now its a case of what the Yellen says....
2.06pm. metals are leaning higher... Gold +$7.. with Silver +0.7%.. Miners are naturally following, GDX +0.6%
2.21pm.. so.. there will NOT be a press' conf... as there was one at the March meeting.. and I failed to check.
A move to 2095/2100 zone almost hit already.... but without a press conf'.. other than pure cyclical reasons.. no reason to cool until tomorrow.
Price structure is arguably becoming a big bear flag... and as things are... a break <2060 looks out of range by the weekend.
2.28pm.. so.. next event are momo earnings from FB.. and the more balanced EBAY.
Q1 GDP tomorrow morning.. which I think I'm right about.. but maybe I need someone to confirm it.. as I couldn't even recall the fact that there was a press' conf' at the March FOMC.
2.35pm.. tedious micro chop... bulls will struggle to break to 2095/2100 tomorrow morning... today is likely their best chance.