Hello Traders everywhere. The S&P 500 has been threatening to break through the all-important 2,500 level all week. After Monday’s large gain it’s had four straight days of gains only to close just shy of the mark. Will it be broken this afternoon? Who knows, but we may be off to the races if it does.
Early this morning, North Korea fired a second missile over Japan, but traders and the markets just shrugged it off as old hat. Even the traditional havens are on the decline today with gold losing a little over .040% on the day.
The next big catalyst on the horizon could be the Fed Federal Reserve’s meeting on Sept. 19-20. The Fed is scheduled to announce its latest decision on monetary policy next week. Most market participants do not expect a rate hike. However, the central bank is projected to announce the unwinding of its massive $4.5 trillion portfolio.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,428.20
Dow (INDEX:DJI): 21,673.58
NASDAQ (NASDAQ:COMP): 6,228.73
Gold (NYMEX:GC.Z17.E): 1,340.50
Crude Oil (NYMEX:CL.V17.E): 48.12
U.S. Dollar (NYBOT:DX.U17.E): 93.30
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
