A rather sluggish session as the initial upside push is just not that strong. After gapping higher, NASDAQ tested to midmorning, then rebounded back to just over the early highs. It is now backpedaling again. Pick your index -- the action is all the same.
SP500 12.01, 0.47%
NASDAQ 60.80, 0.90%
DJ30 197.48, 0.85%
The pre-market alert jumped the gun a bit, wanting to get right to the WED FOMC announcement -- obviously today is not that day -- still 24 hours to go to see how well Jerome Powell can dance for the markets.
The particularly feckless and clueless male anchor on CNBC this hour just announced the stock market is in rally mode. If this is a rally then the selling was a massive, crushing decline in stocks.
There are bounces, but drugs are even lower, even as JNJ rebounds some from its rout. PG, CLX flat at best. Chips are steady again. FAANG is up as people reflexively go there when there is an abatement in selling. TECD looks great to make a move -- just has not done so yet. I guess you can say many are 'poised' to move but are not all that fired up about doing so with any vigor with the Fed now just under 24 hours away. A real 'blah' session.
Thus far the indices are higher and not badly so, but are definitely range trading. SPY is back to the midmorning lows and probably tries to bounce here, continuing the trading range for the day.
Jon Johnson, Chief Market Strategist
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