The much hyped North Korea summit came and gone with not much “real news” to move the markets. The markets just yawned at it and are now focused on the next big news event – tomorrow’s FOMC Rate Decision and Chair Powell’s press conference, which is sure to bring some fireworks.
S&P 500 Index is exhibiting the classic “calm before the storm” characteristics! This calm might last until tomorrow’s 2pm FOMC decision time.
Both our medium-term and short-term models have stayed out the market today with no trades triggered so far (12:55pm EDT). However, our aggressive models are trading from the long side, according to the trading plan published last night (“aggressive models indicate trading from the long side while above 2780 and from the short side while below 2760 and stay flat between that range.”) with tight stops.
The just breaking news of an armed man taking hostages in Paris may or may not move the market much. Stay tuned to that development.