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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3811
Registered: 05-2011

Rating: N/A
Votes: 0

Posted on Monday, December 13, 2021 - 8:26 pm:   

Sellers take early control. Cautious headlines around omicron and the aspect of a hawkish Fed on Wednesday provided an easy excuse for investors to ring the register and take some money off the table.
At the end of the day, we remain in a tight trading range between 4660-4720.
We will close near the low end of that range. The potential for selling in Asian and European markets is high so I would expect to see us breach this level in early trade and put the onus on buyers. That may be difficult as I think most would prefer to see the market reaction to the Fed and economic headlines. Therefore, I would be more inclined to lean on futures tomorrow.
The selling was relatively broad-based.

We had a late day bounce which was primarily in the cyclical names. They were unable to hold this late move, leading to the downward price action we witnessed at the close.
There is little reason to believe buyers will want to step in ahead of the Fed meeting. I think this increases the chance that we could see 4600 tested ahead of the Fed decision.
I still believe the market sets up well for an end of the year rally. The aspect of a hawkish Fed ahead of options expiration on Friday clears the way for another round of shakeouts.
I continue to see more interest in buying cyclicals then tech as we head into 2022. That is where my focus will remain but there are still plenty of trading opportunities around tech in the current volatility.

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