XJO up marginally +0.03%. Volume was on the light side. Punters...

XJO up marginally +0.03%.  Volume was on the light side.  Punters aren't willing to take positions ahead of the FOMC announcement coming in America.



The Australian market had a big upside move on 2 March.  That was a vote of confidence in the stock market.  But, the punters said, NOPE, we've got the FOMC to contend with coming up soon.  So the market went sideways.  In the short term, it is in an ascending triangle formation, which is bullish.

Indicators have gone to sleep - so they're not much use in this situation.  They're poised to go higher - or lower - depending on the FOMC.

Who am I to argue with the market?  It doesn't know - so nor do I.

Let's wait and see.

It doesn't mean that we'll see a resolution to the present stalemate in our market when the FOMC announces its decision.  It could just be lack-lustre - and we'll continue to trend sideways.

Watch how the market responds to the FOMC decision.

RB.