The market is right back to the highs of yesterday morning, with the ES trading at 5,236 as of about 2:40pm ET, after dipping as low as 5,186 just before the market open.

NVDA had their keynote speech last night, where their CEO delivered their newest chip that has 208 billion resistors. 

The Bank of Japan raised rates today for the first time since 2007, but the Yen actually weakened on that news as the BOJ sounded a bit dovish with no further plans to hike as of now. The USD/Yen is back pushing recent highs above 150. 

The market now looks towards tomorrow as we hear from Fed Chairman Jerome Powell with their announcement at 2pm ET, and a press conference to follow at 2:30pm ET. 

It's basically a guarantee that they will leave rates unchanged at 5.25% - 5.50%, but the market will look for any clues as to what the rest of the year will look like. The Fed will update their 'dot plots', where they give us some indication of what rates the members anticipate we will be at as the year progresses.

As of now, the market is pricing in a cut in June, with three 1/4 points cuts total throughout the end of this year. We will see if Powell and the Fed change any of those expectations tomorrow afternoon.

Gold has pulled back from the recent highs but has held up relatively well considering the Dollar strength and Yen weakness.

Disney continues to trade higher with strength, pushing recent highs today.

The VIX continues to make a series of higher highs and higher lows, alluding to something in this market that may be running out of steam at these lofty levels.

I will have an update out Thursday once we make it past the Fed and we see where the dust settles. Stay tuned for updates!

Disclaimer: Trading in securities such as stocks, options, indexes, currencies, and futures involve risk and should not be undertaken without due diligence and serious independent study. Options, stocks, currencies, and futures trading involve substantial risk. Subscribers may carry out their trading based on what they learn from “Rocket Equities & Options” however all risks of potential financial losses are the customer’s responsibility. TFNN, Corp. will be in no way liable for financial losses resulting from trading decisions based on this newsletter. Past performance is no guarantee of future results. Reproduction in whole, or in part, is not permitted without prior written consent. Copyright 2024 all rights reserved.