Traders Await Latest From The Fed

U.S. stocks ticked lower Monday at the start of a trading week that could be defined by Federal Reserve Chair Janet Yellen’s much-anticipated speech Friday on the economy and interest-rate policy. As Yellen’s speech approaches, investors are focusing on their never-ending past-time: scrutinizing every incremental development and statement by Fed leaders that could offer clues on the trajectory of interest rates.

Key Takeaways:

• There are a number of key economic reports out this morning, including retail sales which fell short of expectations.
• Futures have moved slightly lower with the Dow Jones looking to open perhaps 25 points lower this morning.
• Treasuries are higher this morning, with the 10 year treasury yield ($TNX) down 4 basis points ahead of the FOMC announcement.

“The Dow Jones U.S. Tires Index ($DJUSTR) has been a relatively weak industry group since topping in late 2015, but its recent strength has it challenging neckline resistance in a very bullish inverse head & shoulders pattern.”

http://stockcharts.com/articles/tradingplaces/2016/12/traders-await-latest-from-the-fed.html