from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends.
Today:
1. Markets are starting the week a little lower this morning. There is a near term daily chart oversold condition in place so a minor bounce here would not be surprising. Last week, lots of leading stocks hit some decent daily chart support levels. So some minor bounces should not be ruled out in the near term.
2. All traders and investors are waiting on the highly anticipated FOMC announcement due out on Wednesday afternoon. The Federal Reserve is expected to raise the fed funds rate by 75 bps. As always, the verbiage could move markets. Many traders & investors are expecting Fed Chairman Jay Powell to possibly start to back-peddle from his current hawkish stance. I’m not really in that camp, but the market reaction will be important as this announcement coincides with the fall equinox.
3. Gold is was weak again today but is basically flat. As you know, I like silver right now, but when gold gets to my buy level this will be in play as well, just not yet. Platinum is strong. Silver leading gold is the ultimate bullish set up. Miners have been holding up well.
4. Bitcoin got hit this morning and is now bouncing back. It’s now below the Psychological 20,000 level again, but it has not broken down yet. The larger time-frame pattern is still weak and bearish. So far it has held up.
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