On a day on which the Fed is set to make an announcement with respect to interest rates, the technicals have very little weight. As such, expect commentary to be very short today. We will provide updated snapshots of the 5-min chart every hour or so, however, just to keep on top of things.
Update on Tuesday, August 5, 2008 at 11:55AM by
Asher Pinto
Is today's opening gap going to be left unfilled? Just over two hours from the Fed event and then anything goes...
Update on Tuesday, August 5, 2008 at 01:37PM by
Asher Pinto
40 mins to FOMC
Update on Tuesday, August 5, 2008 at 03:01PM by
Asher Pinto
So far, reaction to Fed news has been a bullish one. The aftermath to a Fed announcement typically lasts often last until the next morning, however, and so we'll have to wait until then before making a proper reassessment of the short-term trend.
« Active Traders: 5-min SPY Chart Trends (8/05/08) »
On a day on which the Fed is set to make an announcement with respect to interest rates, the technicals have very little weight. As such, expect commentary to be very short today. We will provide updated snapshots of the 5-min chart every hour or so, however, just to keep on top of things.
Is today's opening gap going to be left unfilled? Just over two hours from the Fed event and then anything goes...
40 mins to FOMC
So far, reaction to Fed news has been a bullish one. The aftermath to a Fed announcement typically lasts often last until the next morning, however, and so we'll have to wait until then before making a proper reassessment of the short-term trend.