Wednesday’s Market Commentary
“Anticlimactic describes anything connected with turning out to be far less meaningful or exciting than was hoped. (verb)
“An example of something anticlimactic is a toy a child finally gets after seeing it on TV, but in real life it doesn’t do all the cool things it does on the commercial.”
So goes today’s announcement from the Federal Open Market Committee, nothing new and nothing market moving. One down and two to go with tomorrow’s ECB statement now in the crosshairs.
More importantly to us, the Nasdaq Hourly Trend Model did reverse SHORT at the close of trading. Although hardly a landslide to the downside, new trends do have to start somewhere. The “Perfect Set-Up,” from the Weekend Update is still in tact, but there are two trading days and two big economic headlines to go.
Finally, US Steel, X, which has fallen 20% from it’s April Short signal reversed LONG at the close.