So far, at to the lowest degree for stocks (ES futures, above), the Fed's conclusion to hike the discount charge per unit of measurement has non been a game changer inwards the curt run. We saw selling on the intelligence together with simply about follow-through weakness overnight, but every bit I was tracking markets hither inwards London prior to the the United States open, it was clear that a rout was non inwards the cards together with that markets are non expecting that a discount charge per unit of measurement hike volition necessarily convey a near-term hike inwards the Fed Funds charge per unit of measurement (i.e., a to a greater extent than full general tightening of monetary conditions).
That leaves us inwards a trading gain over the end several sessions defined past times today's overnight lows together with yesterday's highs, amongst the depression 1100 expanse of import resistance from a longer fourth dimension frame advantage point. Equity put/call ratios are showing neither odd bearishness nor bullishness thence far today, book is non elevated relative to recent norms, together with intraday consider has been mixed. It may get got a catalyst greater than the Fed intelligence to resolve this trading range.
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