Fed Meeting Out Of The Way
Wednesday, March 15, 2017
What To Do?
Short-term bears should stand aside or stay short stocks with relative weakness. We are continuing to hold some shorts as there is many stocks showing relative weakness.
Short-term bulls should stand aside.
Intermediate & Long Term:
Intermediate and long term positions to the upside should be maintained.
There are no intermediate or long term opportunities to the downside.
Short Term: Sideways
Intermediate Term: Up
Long Term: Neutral
The stock market, as measured by the Wyckoff Wave opened slightly higher and added to gains after the Fed announcement. Volume was slightly higher as well. Price and volume shown slight demand present.
The Technometer is slowly approaching an oversold reading.
The Nasdaq and S&P were both up .75% today.
A review of the intra-day waves shows the Wave opening slightly higher, and then rallied the rest of the day after the Fed news. The O-P continues to trade sideways to lower and not supporting today’s rally.
The Force Index closed slightly higher today, and has been in steep downtrend for the last two weeks of trading which continues to add pressure to the downside.
On Thursday, the Technometer will be nearing an oversold reading if we get a couple days of selloff.
Today we continued the sideways trading we have experienced for the last week. The O-P and Force has continued to show weakness here so we should still see more correction. The Technometer is not yet oversold so it should allows us more downside in the next few days.
Bonds were up nicely today, and did not give us an entry on the long side as of yet.