Market timer Tom McClellan, publisher of the McClellan Market Report, said he was changing to short-term neutral Wednesday, after being bearish since after the Sept. 9 close, ahead of the Federal Reserve’s policy setting committee’s (FOMC) meeting. “I don’t want to ride that bucking bronco,” McClellan wrote. The Fed is expected to raise overnight interest rates by 0.75 percentage points as it continues to move aggressively to fight inflation, which has sparked worries that the Fed may tip the economy into recession. McClellan noted that the stock market continued to decline Tuesday even though Fed action was well anticipated. The S&P 500 SPX,
Murrey Math Lines 12.04.2024 (Brent, S&P 500)
Brent Brent quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. The RSI has broken the support line, exiting the overbought