Major MAs Will Be Tested Again

Comments from Powell were hawkish and that is weighing on the market.

PRE-OPEN MARKET COMMENTS WEDNESDAY – The market tested the major moving averages last week and it bounced. Now we are likely to test them again and this time sellers will have a running start. Powell’s comments yesterday were particularly hawkish and the odds of a 50 basis point rate hike shot up to 80%. “The Street” had been pricing in a 25 basis point move. He also stated that they will consider additional tightening if it is warranted.  

Daily Bulletin Continues...