ISM Reading
Today, the Institute for Supply Management will release it’s services sector index reading. This covers items such as new orders, employment, inventories, prices and exports and imports. Analysts are expecting a reading of 49. Any number below 50 signifies contraction, so any reading about 49 should be considered bullish.
Fed Meeting
Later in the the day, at 2:15 pm EST, the Fed will release its monetary policy statement. It is widely expected that the Fed will maintain rates, so the news will be any comments about future policy. Any note of angst about inflation will destroy today’s rally.
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