Market Analysis for Dec 14th, 2004

You know by now that the FOMC did and said exactly what everyone expected... raised the benchmark rate to 2.25%, and retained the same language in the accompanying statement.

In advance of the announcement, the E-SPH ran up to new recovery highs at 1205.75, but since the FOMC news was released, has pressed back to the 1203-1202 area, which is circling unchanged on the day... As long as 1200-1199 support contains any further intraday weakness, the bulls will remain in directional control... However, a sustained break of 1200-1199 will trigger initial signals that the current upmove is over, and that the index has entered a corrective move with 1193-1191 as its first target zone.

See our updated daily chart analytics from a few minutes before the announcement -- of the E-SPH along with the positioning of prior Fed rates hikes during the past 6 months...

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.


  Matched “”
x
Try Us Free For 14 Days!
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
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!