ONE EGG Scan January 29th

FOMC rocks the boat that was already taking on water and adding more worry to the investor. Back to the bottom of the range and questions rising about a bigger sell off become discussion point for media. Not looking good technically and the fundamental data is building the sellers case. It has to validate the moves, but it has the sentiment moving lower, charts moving to previous support and the talking heads throwing in the towel again. Time for caution and patience to confirm the trend.

Sectors to Watch: 

SPY and support at the $199 mark. breaks… opens the downside trades.

QQQ and support at the $99.70 mark. breaks… adds to downside pressure.

XLK and support at $39.85 mark. breaks… leads the NASDAQ lower.

Gold miners testing the micro uptrend. Watching to see how it unfolds the test will either validate the trend. Upside is still the trade.

Result for the Daily EGG Scan: 

Downside is setting up for the broader indexes and we will look for confirmation on trade opportunities that are setting up as a result. Risk is high and I remain cautious for now.