The Fed and the SPX: Catalyst Fizzle

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The minutes from the last Fed meeting, released a few minutes ago today and summarized as follows (courtesy of, present a mixed view of the economy…

So far, market reaction to this report has been muted and non-committal, as evidenced by the long tails on both the tops and bottoms of the candles of the following 5 minute intraday chart of the SPX.

This lack of commitment by traders is also prevalent in the day-to-day action since June, as shown on the following Daily chart, which is consistent with what I reported in my post of July 2nd (which presented an outlook for longer timeframes for this market).

So, if traders were looking for any type of catalyst from the Fed to move this market higher (or lower) in the short term, I’d say this report wasn’t the ticket.

Hope you feel better, soon, Tim…

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