FOMC Trade was very divergent making its final high at the end of the session and then quickly reversing to take out the lows. The day session diverged early, converged, and finished with divergent price action. it is one of the more difficult patterns to trade but the portfolios were mixed around "breakeven" on the day (+/-$2K on the regular size futures contracts is "breakeven").
It was interesting to see Crude Oil trade up to 108 and the stock indexes hold on as well as they did. I believe $125 in Crude Oil is the new bearish number for now.
Microsoft, Meta, Google, and Amazon all reported after the bell. At 5:55 pm EST Google is up about 6%, Amazon is up about 3%, which Meta is down -6% and Microsoft is down -4.5%. The earnings were mixed. I had considered a scenario where all were up +5% and how that would affect the index based on the level of bullishness in the market. Apple reports tomorrow after the bell. So far it is a non-event at the index level.
It was Jay Powell's last meeting. Rates remained the same. 4 of the 8 members dissented. The 30 year T-Bond futures price has dropped significantly this week while yields are on the rise.
The market has had an initial drop once there is a new Fed Chair (based on uncertainty) for the last two appointees: Janet Yellen and Jay Powell.
Hypothetical Trading System Signals on 04-29-2026
25 System Portfolio NQ = +$85
7 System Portfolio NQ = +$1,290
3 System Portfolio NQ = +$1,340
2 System Portfolio NQ = +$1,340
Stock Index Portfolio 18 = -$2,070
Diversified Portfolio 57 (NQ Only) = -$2,070
Silver Portfolio = -$1,070
50K Portfolio (Micros) = -$637 (without Gold and Silver)