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Next Wednesday, the FOMC will make its last announcement of 2025 The nearly universal consensus is that they will cut interest rates another quarter-point. As a chartist, I’m finding the interest rate market quite interesting since short-term rates seem poised to keep collapsing, yet the longer you go out, the more stubborn they appear to be. Here, for instance, is the one-month rate, which spiked massively higher for has been in a near free-fall lately.
This infographic takes a few moments to understand, but it illustrates where various countries put their investment dollars, sequestered in the two groups of equities and bonds:
With all the sloshing and swishing throughout the day, when it was all over, the S&P 500 futures closed up 0.07%. Whoop-de-freakin’ ding-dang-doo. Good Lord, this market has become dull.
With that dazzling introduction, as we await the FOMC in 3.5 more trading days, below are some key U.S. stock indexes and, important, their key resistance levels. It would make things a lot more pleasant with the bears if these resistance levels were respected and not exceeded. Here, close up, is the NASDAQ Composite:
Judging from the charts below, I’d say anyone anticipating a steady series of rate slashes for months to come is delusional. On the contrary, it looks like rates are about to push HIGHER, which should just thrill President Brainiac. We just have to get next Wednesday’s performative clip out of the way.
