Are traders numb to the Fed? Market Pulse
S&P Futures are consolidating right up against Friday’s high of day and ultimately just beneath current all-time highs. The big news this week is that Fed interest rate decision which is on the docket for this Wednesday. Likely, we will see a degree of consolidative action ahead of that event followed by some broader movement. Obviously, any pullbacks are still going to be viewed as buying opportunities, so pay attention to the market’s reaction to the Fed news. Current support is down in the 2620 area.
Gold Futures sold off hard in last weeks trading session and is currently consolidating within support between 1250 and 1243. If bulls are able to gain traction here, which would mean that price ultimately needs to clear 1254 to the upside as confirmation of the move. Over that mark, I can see a possible climb coming back up into the 1270 and then 1280 area.
Crude Oil Futures are continuing to consolidating just below 52 week highs. I am just watching this formation for the time being to determine who is going to take control of the next move here.
Stocks on Watch
CLSN is up 2.1% in pre-market trading at 2.92. Looking at the price chart, if bulls can push price up over 3.00 with supportive volume, then the path looks clear for a move back up into the 3.40 to 3.50 area.
VSTM is trading up over 8% in the premarket session at 4.71 and nearing critical resistance up in the 5.00 area. If bulls can gain traction over 5.00, then I see this thing as viable for a quick break up into the 5.50 area. Will wait for confirmation of the move before taking action.