Markets made slow and steady improvement Tuesday to close near their highs for the session. The Nasdaq ended slightly ahead of the S&P 500 today up .9%. It is nearing a test of the round 3500 number, which a close above could really accelerate a rotation into tech. It was only able to CLOSE above that psychological level once on 5/21, while intraday it traded above that 3500 number 6 times (5/20-22, 5/28, 5/30-31). The next day of course was the big reversal. FDX reports earnings tomorrow, and it has been trading comfortably along its 50 day SMA, but in that last couple of weeks has been thwarted by par. It missed on 3/20 losing 7%. A beat, and the better play may be UPS that we spoke of earlier in the week through a 90.06 flat base pivot point. Tomorrow will bring the Fed announcement, and it may have been to obvious to sell into it today, with the 2 day advance of 1.5% in both the Nasdaq and S&P 500. Perhaps a “sell the news” scenario, after a big move upward if it transpires.
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