The FOMC members will gather today for a two-day meeting. It will be the most important event this week, since Powell will chair the meeting for the first time. Gold investors want to get to know him better as the uncertainty makes them a bit nervous.
Yesterday’s bludgeoning came to a quick end just ahead of the close and against the second major three-star support on the day. The S&P lost more than 2% on its low of 2697.25, but pared losses to settle down only 1.2%.
Iron Condor or long-It? First of all, I believe the weekly lows are in because of my pre-calculated weekly ranges in my regular article at approximately 2800-2700, rounded here to make the Iron Condor math easy- the 50% point is 2750. An out-of-the-money 2760, 2780, 2780 strike zone long call spread or straight long call would be inexpensive as well.
Springtime seasonal in crude oil is being fed by a multitude of factors. Record gasoline demand, falling Venezuelan production, rising tensions between Iran, Saudi Arabia and the rest of the world is underpinning oil and oil product prices today. President Donald Trump is meeting with Saudi Crown Prince Mohammed Bin Salman and the market is assuming that means that the United States and Saudi Arabia will take a tougher stance against Iran.
The British Pound immediately weakened against the dollar on Tuesday morning after UK inflation fell more than expected in February. Consumer price inflation eased to a 7-month low at 2.7% in February, down from 3% in January, as the impact of Sterling’s Brexit-fuelled selloff faded.