U.S. stock market futures are lower as the two-day policy meeting of the Federal Reserve kicks off this afternoon. The FOMC is expected to cut rates for the first time in a decade, which could be a market mover for all markets. Apple (AAPL), Amgen (AMGN), and Gilead Sciences (GILD) will report second-quarter earnings after the markets close.
The S&P 500 trading sideways on Monday on lower volume as investors wait on the FOMC interest rate decision. The index briefly moved below support at 3017.80 but finished the day at 3020.97. So, Tuesday should be another slow day for U.S. markets. Selected earnings announcements could be a market mover, but most traders should be on hold until Wednesday afternoon.
We are currently long term bullish and short bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements.
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