Oct 22, 2014, (9:30AM EDT)
I have been thinking, thinking, thinking, but there is nothing new to write about U.S. markets today, other than what I had already written at the start of Asian markets’ session.
The Fed’s meeting is next week, market have reached their major resistance levels and apart from a short jump on rumors of the ECB’s bond buying program during opening hours of European markets, U.S. stock futures have been mostly hovering near their previous closing.
You get the picture? Because that’s all that is going to happen in U.S. markets today. Only a rumor about any new QE will take markets higher from current levels. Otherwise, expect either a narrow, range bound trading a pattern like European markets, or some lower trading if profit booking starts taking wings at these levels.
So, keep an eye on day’s resistance levels for major indexes. Any sign of weakness around that level will trim the numbers. On the other hand, if any index continues to trade above its pivot levels, then you can expect a positive session and bears like me will have to depart for Himalayas and wait there in some cave for this bounce back to end
Good luck, have fun, have a great session in markets today!
See you later.