Market Outlook: Now Getting Higher Volatility
Market Indexes: Major U.S. Equity Indexes were higher
SPX Candle: Lower High, Higher Low, Higher Close - Inside Candle
FED Posture: Quantitative Tightening (QT)
Not much new to report today. Stocks as measured by the S&P500 closed yesterday at 2,656. The overnight futures were lower, so stocks gapped down lower trading down -19 points to 2,637, and then, beginning around 09:40 ET, stopped the decline, and turned around higher to closed the gap in more whippy trade. By the close stocks did not make a new daily high, but reached 2,669 before turning slightly lower to close at 2,663; up about +6.94 points on the day.
None of yesterday's scenarios is ruled out by today's inside day. IF tomorrow opens lower again, it might be a good candidate to suggest a B wave down or a 2nd wave down is in progress. It should be noted that volume is falling off today - might be the slow volume that occurs in a triangle.
Have a good evening,