Equities have continued to hold value well as we look to PPI and Confidence numbers today and the Fed begins its two-day meeting. This session's early high in the S&P is slightly lower than that of yesterday with 1761.25 compared to 1762.25.
U.S. stocks climbed toward another record and gold advanced while the dollar weakened as corporate earnings topped estimates and signs of slower economic growth fueled bets the Federal Reserve will maintain stimulus.
The DEC13 Mini Dow Jones futures are down 84 ticks to 14767, extremely close to our first target and key support level of 14750. If the market does not see a shutdown resolution today, we could be in for more downside action this week.
The S&P reached a low of 1684.50 yesterday, covering the gap open from Sunday, Sept. 15 when the news that Summers’ had withdrawn his name was digested. Only a close above 1698.50 will signal a bull leg to retest the highs.