Scalper1 News
Note, members receive our daily Premarket Pulse reports while non-members receive only the Monday edition. We do not necessarily email these reports every day as it depends on the markets. While news sources will always create a “reason” for why the market went higher or lower, sometimes the reasons are purely technical. Major averages fell yesterday on mixed volume a day after the major averages staged a bearish outside reversal on higher volume. Expect volatility to remain elevated. The NASDAQ, which has been the strongest-acting index since “Capitulation Monday” of not quite three weeks ago, is forming an ascending wedge as it moves up towards its 200-day moving average. A breach of the lows of this wedge at around 4746 would be a potentially bearish development, but the market may simply continue to chop around ahead of the upcoming Fed meeting. The Federal Reserve will meet this coming Wednesday and Thursday to decide whether to leave rates unchanged. The CME futures point to a 24% chance of a rate hike when the Fed meets in September and a 38% chance in October. The global economy continues to wither as Standard & Poor’s downgraded Brazil debt to junk. Over in China, deflation looms as its producer inflation fell for the 42nd month in a row. And Japan’s economy continues to struggle as its capital spending contracted 0.9% in Q2. Scalper1 News
Scalper1 News