5 Monster Stock Market Predictions for FOMC Rate Cut Day

US Markets

  • S&P 500 Futures +4 points
  • Oil $58.37
  • VIX 13.93
  • US 10-year 2.05%
  • Dollar Index 98.11

International Market

  • Shanghai -0.67%
  • Hong Kong -1.31%
  • Nikkei -0.86%
  • KOSPI -0.69%
  • DAX +0.24%
  • FTSE -0.60%

China reported its manufacturing PMI of 49.7 versus estimates of 49.6

This morning we will also get the ADPWealth Strength IndexAAPL is Extremely Up and trending Up private payroll report. Estimates are for 155,000.

Meanwhile, Chicago PMI comes out too.

FOMC Rate Cut Day

It is FOMC rate cut day and that means the stock market will be confused and trade in a non-sensical way after the announcement. Be prepared for wild swings.

Let the bond and currency market be your guide and not the stock market.

S&P 500 (SPY)

The S&P 500 continues to trend nicely higher, which would continue to suggest the index is heading towards 3,055. I would expect that trading is muted today ahead of the FOMC meeting at 2 PM. S&P 500, spx, spy

S&P 500, spx, spy

Apple (AAPLWealth Strength IndexAAPL is Extremely Up and trending Up)

Apple is breaking out today after delivering better than expected results and guidance. $217.40 is resistance for now, as I have noted several times. The stock is hovering right around those levels this morning. The next level to look for after this resistance level is around $223.

Apple, aapl, july 31

Apple, aapl, july 31

AMD (AMD)

AMD is falling after results. I have not had a chance to look at this report very carefully yet. The support level at $32.30 appears to be holding for now. $31.40 is the next level down.

amd

amd

GE (GE)

GE is trading higher after it reported better than expected results. The stock is breaking out rising above resistance at $10.60. Now the next significant level to look for is around $12.30.

GE

GE

Alphabet (GOOGLWealth Strength IndexAAPL is Extremely Up and trending Up)

Alphabet has been drifting lower the last few days after hitting resistance at $1,270. The uptrend is still intact, but it seems possible that the stock continues to drift lower towards $1175 as the gap continues to fill from the stocks big move higher.

alphabet, googl

alphabet, googl

Tesla (TSLAWealth Strength IndexAAPL is Extremely Up and trending Up)

Tesla continues to work towards filling the gap at $253.

tesla, tsla

tesla, tsla

Enjoy a fun-filled day of excitement

-Mike

This article first appeared on Mott Capital.

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