Looks like the green light is flashing for everyone to get back into the stock market. Here's today's headline from Fed mouthpiece Nick Timiraos (below) ---> the Fed is 'penciling 3 rate cuts in 2024'. It doesn't get much clearer than that. Next stop for the S+P 500 in the near / mid term should be the all time high near 4800.
The RSI indicators are near term way overbought, but the upward momentum is huge right now. As they teach in 'chart school' -- price action ultimately takes precedence over TA signals. Fwiw, I figure 4800 would be the logical time for a pullback / consolidation. After that the market could continue to recover in 2024, barring any black swan events of the 'US bombs Iran' variety. My conclusion for now is 'don't fight the tape' and 'don't fight the Fed' -
>>> Fed Holds Rates Steady and Sees Cuts Next Year
Officials don’t rule out further hikes while penciling in three rate cuts in 2024
WASHINGTON—The Federal Reserve held interest rates steady and signaled inflation had improved more rapidly than anticipated, opening the door to rate cuts next year.
Most officials penciled in three interest rate cuts for 2024 in projections released after their two-day meeting on Wednesday...
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