Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Ahead of the Fed, What Next for the e-SPU?


As we await the FOMC release of its most recent policy statement, we see that the e-SPU initially knee-jerked to the upside in reaction to this morning's ADP and GDP data, but has since relinquished its gains and then some, as the index presses into negative territory ahead of the Fed.

Purely from a near-term technical perspective, the upmove from last Friday's low at 1670.50 into this morning's high at 1692.75 looks like a completed minor-recovery rally effort within a larger sideways or toppy pattern.

If my perception of the developing toppy pattern proves accurate, then the reaction to the FOMC statement should be down, and should press the index beneath 1670.50 to "lock-in" the near-term top, and to trigger projections to 1645/40 thereafter.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!