Friday didn’t see much action as we continue to see markets form the wedge which points to a move lower.
That said, we do have the much talked about September Fed meeting coming up this week and there remains much speculation over whether a rate hike will be announced or not.
It’s actually a good sign and markets react strongly to a raising rate environment after the initial shock is worked out but I’m not so sure we are ready for a hike yet.
I won’t be doing anything except perhaps a few day-trades until the Fed meeting is over Wednesday and then, we may see a trend emerge so it’s a great time to look away for a few days if you can.
Not much new to say in this chart or most really as we wait for the Fed Wednesday but this chart does point to lower.
I may run away on the bike and do the Cabot Trail Monday if the weather permits and be back Tuesday evening and then back in full work mode for the Fed Wednesday but it’s weather dependent.