By Investor’s Yak
This is the BIG week of the FED meetings (16-17 September). Additionally, if congress does not pass the 2016 fiscal year budget by September 30, right, wrong, or indifferent, the market usually responds negatively. This could be why markets are not yet ready to rally. Although a strong post Labor Day rally occurred on Tuesday, the week ended last Friday within a range bound envelope. Major Market indices are hugging the bottom Bollinger band on weekly charts, and last week’s prices still ended below the major moving averages (50 and 200).
Event calendar affecting markets in September
7 September – Labor Day
16-17 September – Fed meeting
28-30 September – End of month and quarter window dressing; could extend into October.
30 September – end of Fiscal year 2015 (2016 budget must be passed)
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