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The Fed And The S&P 500: Catalyst Fizzle

Published 07/06/2017, 06:35 AM
Updated 07/09/2023, 06:31 AM

The minutes from the last Fed meeting, released yesterday and summarized as follows (courtesy of Nasdaq.com), present a mixed view of the economy...

FOMC Minutes


So far, market reaction to this report has been muted and non-committal, as evidenced by the long tails on both the tops and bottoms of the candles of the following 5 minute intraday chart of the SPX.

SPX intraday 5-min chart

This lack of commitment by traders is also prevalent in the day-to-day action since June, as shown on the following daily chart, which is consistent with what I reported in my post of early July (which presented an outlook for longer timeframes for this market).

So, if traders were looking for any type of catalyst from the Fed to move this market higher (or lower) in the short term, I'd say this report wasn't the ticket.

S&P 500 Daily Chart

Latest comments

Daily nasdaq chart shows beginning of downtrend has already started.
Much imformative. So helpful. Wow.
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