Market Lab Report - Premarket Pulse 7/26/16
Major averages closed flat to lower yesterday on higher volume. The NASDAQ Composite closed roughly flat at the high end of its trading range while the S&P 500 closed midbar, so if you're counting distribution days in the major indices, it would only apply to the S&P 500.
The trend is up but the pause we are witnessing is unsurprising as the market digests recent gains.
The Federal Reserve begins its two-day meeting today. Markets may trade quietly before their meeting concludes on Wednesday at 2 pm ET. The Fed will probably continue its dovish stance given all the economic uncertainties.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.