3pm update - the Transports

It is highly notable that whilst the market has seen a significant bounce from the morning low of sp'1993 to the 2010s.. the Transports did break below the Aug' low. Since late November, the Trans has declined 11.4% to 7406.. the lowest level since April 2014.


Trans, daily

sp'60min

Summary

*most probably do not realise that the Trans' broke the Oct'2014 low (equiv' to sp'1820) in Aug'.. and we're decisively below that today.
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For now.. we have a provisional pre-FOMC low of sp'1993.

I'm well aware of the gap zone around sp'1950... but that looks out of range until AFTER the FOMC.... and we should be rallying by then anyway.

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Is sp'1993 enough to spook the Fed not to raise rates?   No.  It might be enough to sway them to compromise though.

Rates moves... now in tenths.. like the ECB ?

A lame micro move of 0.1% would certainly be enough to cool the concerns of the mainstream.
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back at the close