Wall Street lacks direction ahead of Fed minutes
Today's Minutes release from the last Fed meeting shouldn't be a surprise. The Fed made it clear that there is no need to worry about inflation, because even if it does increase, it should only be a temporary process. Nevertheless, risk should never be underestimated. Markets would want to see whether there was at least some discussion about faster policy tightening amid improving economic outlook. Market sentiment is rather weak today and volatility is very limited. However, today's publication may lead to larger movements in the market.
US500 fell slightly during today’s session. One can see, however, that investors are waiting for a signal that may lead to bigger moves. Another possible target for bulls is located around 4,100 pts, while support lies around 4000 pts and is marked with 127.3 Fibonacci retracement. It is worth noting that the seasonality indicates an upward move in the coming month. Source: xStation5
