The Federal Reserve’s Minutes from there January 2019 meeting are on-deck and will be released at 2PM (11PM Pacific). All eyes will be on the Fed’s Minutes today as we learn what made the Fed completely reverse its prior position of 2 – 3 rate hikes in 2019.
The month of January had the Fed making the biggest about-face in many years and so the Minutes from the January meeting should have some bearish comments in them. If the Minutes don’t have something bearish in them, it will look like Powell was just appeasing President Trump with lip-service and that they could continue hiking rates again at their next meeting.
Below is an updated chart of the S&P 500 with support and resistance zones. I expect a reversal to occur near Triple Top resistance at 2800.