sp'60min
Summary
So..the overnight 'higher interest rates in Turkey is good news' has completely failed to hold, and we're actually likely to open a little lower.
However, hourly charts are still suggestive of continued crawl higher into FOMC this afternoon.
From there..things will likely get wild.
Any move to 1810/15 zone..whether late today..or early tomorrow (Q4 GDP)...is likely one of the best re-short opportunities in many..many months.
One prime scenario is we briefly drop on the FOMC..but then still close somewhat higher,..and max out tomorrow.
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A very busy day ahead..but especially in the closing two hours.
*FOMC announce @ 2pm..but no press conf. (so I gather).
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Notable early movers: BA (Boeing) -3.7%,. T (AT & T) -2.3%
Neither of those will be helping the Dow, now -80pts in pre-market.
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8.48am... Dow -117 now....and we're set to open at 1781 .. a mere 9pts above the recent low. No doubt the markets are trying to assimilate the Turkish..and Indian rate hikes.
Kinda amusing how a mere 10bn taper'1 has already caused real trembles out there.
9.15am ..pre-market slipping away... Dow -153pts... a break of the recent sp'1772 low is now a real danger to the bull maniacs.
KEY level remains 1765.. if that fails this morning...then....it'll be car crash TV for the rest of today.
9.20am...a problem for the bulls..a break <1770 will damage the semi-bearish formation that many has been looking for...
sp'daily1b
So, the big level.1765..that is -27pts...won't be easy
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Arguably anyone short overnight..at least tighten stops....not least since its a fed day!
9.33am.. Cramer on clown TV ' ...can I urge people to be calm?'.
Yeah, I'll highlight that one again if we break <1765.
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9.38am.. a pretty key battle underway....if we lose 1772..then we'll test 1765 by late morning.
I can only add though..anyone short should have tightened stops...its a fed day..high caution.
9.46am...7pt jump from the opening low.......and no doubt some bears are closing out.
More than anything though.this is going to be one hell of a big day...got popcorn, although thats less important than a trading stop!