Signals & Trading Plan for Thursday 9/19/19

Market context
The Fed cut rates by 0.25% today, as widely expected.  However, Fed officials are struggling to agree on future rate cuts.   According to WSJ:

“Seven of 10 Fed officials voted in favor of lowering the benchmark federal-funds rate to a range between 1.75% and 2%, with two reserve bank presidents preferring to hold rates steady and one favoring a larger, half-point cut.”

Still, the door has been left open for possibly one more rate cut this year.  Additionally:

“The Fed also on Wednesday injected money into the banking system for the second day in a row to ease a crunch in overnight funding markets, and said it would do so again on Thursday. The operations are aimed at keeping the fed-funds rate in the central bank’s target range.”

Stocks responded by rising, after an initial quickie sell-off.  However, as we write this, futures are showing that stocks may gap down at open tomorrow still.

The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Planning your trades

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