Stocks had a blah day with basically nothing happening. It was a good week, so let’s not lose sight of that. But next week will be a massive week with the Fed meeting. But the odds of the Fed cutting rates is suddenly becoming less certain.
Fed Funds futures are currently trading at 1.875%, which fall pretty much in the middle of the 1.75 and 2% range. That rate has been on the rise since the beginning of September. Additionally, the CME Group now projects just an 80% chance of a 25 bps rate cut next week. That is down from a 90% chance last week.
So we can wait and see what develops next week. I’d be surprised if the Fed doesn’t cut rates.
S&P 500 (SPY)
It looks like there is a bullish pennant pattern that is forming on the intraday of the S&P 500. I think it is positive for the start of next week.
Freeport finally reached my target today of 11.00, and with that, we can check that one-off. I’m not sure what happens next. I will have to keep an eye on things.
Apple bounced off support today where it was supposed to at $217.40. The trend is still higher.
Square bounced some today, but the trend is still lower.
That is all for today.