All Eyes on Powell

(11/30/22) A bevy of Economic reports could move markets today, but the biggest factor may well be what Fed Chairman Jerome Powell has to say this afternoon. Personal Spending and the second estimate of Q3 GDP are released this morning. Powell's speech is the last public commentary before the Fed moves into a two-week blackout period ahead of their December 14 FOMC meeting, at which the next interest rate announcement will be made. Questions hoped to be answered today include, 'are we making enough progress on dimming inflation for the Fed to start slowing the pace of rate hikes?' or, does the Fed remain more concerned about tight labor markets and the rate of inflation, portending a continuation of aggressive rate hikes? So, have markets been setting up for disappointment ahead of the speech today? Markets have sold off the past two days following that nice pre-Thanksgiving rally. A triggering today of the MACD Sell signal could result in some profit taking. Lots of support remains, however, at the 50-DMA and 100-DMA. A pullback over the next couple of days would not be a bad thing, allowing markets to work off some of its over-boughtedness (yes, I made up that word), and setting up for whatever potential year-end rally might occur.

Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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