Fed-Day Reaction Might Be Small

The market is not expecting a rate cut today so we are likely to hear the same rhetoric.

PRE-OPEN MARKET COMMENTS FED-DAY - The market staged a nice bounce from deeply oversold conditions a few weeks ago, but the upward momentum has stalled below major resistance. The 200-day MA and the 50-day MA are converging at a horizontal resistance level and it will take spectacular news for the market to power through that level. I don't see that happening today. In fact, the Fed could splash cold water on bulls.

Daily Bulletin Continues...