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-- Brad Delong

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Monday, September 19, 2022

Taking Stock - Sept 20, 2022

The Indexes stayed close to the neutral point for most of the day, then turned up before 3:00. The SP 500 finished at 3899.99,, less than a point below the late day hi, for a gain of 26.66 [0.69%.]
This week the Fed will have a two day meeting to set policy. Another rate increase of 0.75% or more is expected. This is not surprising, since, as I pointed out on Sept 1, the Fed is far behind the market-set 3 month T-Bill rate. [Link below]
There is no surprise here, so It could be that the anticipated increase is already baked into the market's reaction - if that even matters.
Meanwhile, the Index is hovering near the last reasonable retracement level from the 8/16 hi, coincidentally located in the midst of a broad support/resistance range between 3700 and 3900.
For what it's worth, the day's hi and lo were both marginally above those of Friday's session. You find whatever positives you can.