In addition, this meeting will feature the release of the Fed's latest "dot plot" projections which shows the steps the Fed may take with respect to rate hikes. Currently, the fed funds futures market shows a 58.3% chance that the Fed will decide to raise interest rates once more before the year's end. This is up from prior projections.
Focus List Notes:
We are seeing a mixed bag among Focus List names as some act quite well while others begin to falter This illustrates the uneven action among individual stocks in this current market environment. Maintaining tight stops is the most concrete solution to dealing with uncooperative stocks that do not follow-through on prior, strong technical action or which are breaking below key support areas.
AMZN has failed to hold its 50-dma after last week's pocket pivot. It also closed below both its 10-dma and 20-dema yesterday on light volume.
ANET broke out of a six-week base and remains within buying range of the 176.50 peak in the base.
AVGO closed just above its 50-dma yesterday, which keeps it within buying range of last Friday's pocket pivot.
EA rallied slightly yesterday in a very modest follow-through to Friday's pocket pivot. The stock remains within buying range, using the 20-dema or 50-dma as selling guides.
FB dipped below its 20-dema yesterday on light volume, a poor showing after Friday's modest pocket pivot.
MOMO closed two cents above the prior 36.88 low in its two-week price range, which technically triggers an undercut & rally long entry here while using the 36.88 price level as a tight selling guide.
SNAP closed below its 10-dma an is in jeopardy of failing on its prior pocket pivot of seven trading days ago. Volume was light, however, and the stock may need to retest its 50-dma where it posted the original pocket pivot.
VRTX is again testing its 50-dma and must hold the line to remain viable.
WTW closed below its 50-dma yesterday and is in danger of violating the line.