Fed Day - No Surprises
Midweek Market Update July 26, 2023
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The Market
Just a brief look at the charts for today’s note as I have to leave the desk right after the market close for travel.
The Charts
SPY it’s Fed Day again and the expectations were for a 25bps hike were correct. Naturally, the market is not surprised and SPY continues riding the 8-day MA slightly higher.
QQQ is a little more undecided and has been working along sideways. It still looks like it will test the 21-day MA.
IWM has an interesting pattern shaping up with the 8-day MA supporting the action. A break higher from here would be very bullish.
DIA is setting records as it goes up for the 13th consecutive day. Follow the price action.
The Closing Bell
As stated above, it’s a travel day and we’re heading out for the last of the summer vacations. My family and I will spend a long weekend lakeside in Kentucky having some fun together before the return to school and sports.
I hope you all have a great rest of the week as well.
Friday’s note and Saturday’s weekly charts will be light as well. Back to a full schedule next week.
The Disclosures
***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.
It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.
All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors prior to making any investment decision.
POSITION DISCLOSURE
July 21, 2023, 4:00 PM
Long: AI0818C42.50, GOOGL0818C135, SNAP0818C14, TOST0818C27
Short:
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike