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March 16, 2024 | Tech Talk for Saturday March 16th 2024

Donald Vialoux is author of the free blog Tech Talk, a daily investment report available during the past 20 years at Comments focus on the seasonal and technical outlook for equity indices, commodities and sectors. Mr. Vialoux has 53 years of experience in the investment industry and is a past president of the Canadian Society of Technical Analysts (CSTA).

The Bottom Line

Focus this week is on the Fed Fund Rate update released at 2:00 PM EDT on Wednesday. U.S. equity markets traded in a narrow range last week prior to the news. Consensus is that the FOMC will maintain the rate at 5.25%-5.50%. Comments following the 2:00 PM statement will be examined carefully to assess when the Rate will move lower. The “hotter than expected” February Consumer Price Index and the February Producer Price Index released last week hinted that a reduction in the Rate will not happen anytime soon. Indeed, both indices appeared to have passed an intermediate low point on the charts and are vulnerable to resuming an intermediate uptrend. Note that recent increases in commodity prices last week will begin to register in March CPI and PPI when next announced in mid-April.

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March 16th, 2024

Posted In: Tech Talk

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