All three indexes moved higher on Tuesday with the S&P within 5 points of the all-time intraday high set last Friday, and closing today at a new closing high of 2440.35.
The Dow made a new all-time intraday high and a new closing high of 21,328.47 pretty well unscathed by the two-day NASDAQ sell-off.
The NASDAQ meanwhile moved up 44.90 points to gain 0.73% on Tuesday, closing at 6220.37. This leaves the NASDAQ lower by 121.33 points from its all-time high of 6341.70.
Support Levels To Be Aware Of:
The market has light support at the 2400, 2380 level, 2350, 2300 and the 2250 level. There is also light support at 2195 but better support is at 2180 and then 2150.
Stock Market Outlook for Tomorrow – Wed Jun 14 2017
No chart is needed for Wed Jun 14 2017’s stock market outlook. The day will belong primarily to the Federal Reserve and Chair Janet Yellen. Tomorrow investors get the latest decision on interest rates from the Federal Reserve.
Expectations are overwhelmingly in favor of the Federal Reserve raising interest rates a quarter of a percent. While there are many analysts who do not believe the economy is strong enough to continue to raise rates, there are many others who believe the Fed is trying to move back to at least 2.5% to 3% interest rates by 2019 and reduce the Fed’s balance sheet.
With a rate increase expected, I am anticipating the markets will move higher into the announcement, then may sell lower if there is a rate increase, before moving higher once again into the close of the day.
If there is no rate increase I am expecting the market to dip slightly after the announcement and then turn more sideways but stay positive into the close of trading.
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