March 19, 2024

FOMC minutes ease market concerns

Index & Sector performance 4/9/14

The Market:

After bottoming and bouncing in yesterday’s session, the S&P 500 futures spend the majority of the overnight session consolidating in a tight range.  This lead to an early breakout, retest, and continuation higher but it was after the FOMC minutes were released at 2pm ET when the strongest gains were realized.  Concern the Fed would be aggressive with rate hikes subsided and traders rewarded the market with 1+% gains across the board with the Nasdaq leading the charge up 1.7%.  Next on the economic data schedule is Unemployment Claims which are released at 8:30 am ET.

In the short term the S&P 500 emini has overnight support in the 1858-61ES region and then 1850ES.  On the upside, if the index can push through 1867ES there is the potential to target the 1874-81ES resistance zone.

 

S&P 500 emini 4/9/14

Economic Calendar week of 4/7/14

Reporting EPS 4/10/14 Pre-Market:

Companies reporting EPS 4/10/14 pre-market


Analyst Comments:

Upgrades 4/9/14

Downgrades 4/9/14

Initiations 4/9/14

Price Target Change 4/9/14

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