TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
TheStrategyLab Reviews: http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
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Twitter @ http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3912.50 dollars or +78.25 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3912.50 dollars

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

Russell 2000 Emini RTY Futures: 1 tick or 0.10 = $5.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ The ICE)
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=171&t=2651

##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of TheStrategyLab free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum. Also, you can use TheStrategyLab free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. TheStrategyLab free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages, many different mobile apps and many different types of social media software can be used to log in. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell. TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164


Also, posted below for you to review are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=327&t=3486 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


click on the above image to view today's price action of key markets

The Market at 04:30PM ET
Dow: +41.79… | Nasdaq: -5.28… | S&P: +1.59…
NASDAQ Vol: 2.04 bln… Adv: 1449… Dec: 965…
NYSE Vol: 837.0 mln… Adv: 1612… Dec: 1283…

Moving the Market

Fed announces balance sheet normalization process will begin in October; dot plot forecasts a third rate hike in 2017

Apple (AAPL) slides amid rumors of softer-than-expected iPhone 8 demand

Transports rally following FedEx (FDX) earnings

Sector Watch
Strong: Financials, Consumer Discretionary, Industrials, Energy, Materials, Health Care, Telecom Services
Weak: Technology, Consumer Staples, Utilities, Real Estate
04:30PM ET

[BRIEFING.COM] The stock market settled at a new record high once again on Wednesday, but the victory was far from convincing and looked improbable after the latest FOMC policy directive prompted a mild sell off. Both the Dow and the S&P 500 finished at new all-time highs, adding 0.2% and 0.1%, respectively. However, the tech-heavy Nasdaq slipped 0.1% as technology stocks struggled.

As expected, the FOMC unanimously voted to keep the fed funds target range at 1.00%-1.25% and announced that it will begin unwinding its balance sheet in October. Meanwhile, the Fed's so-called "dot plot" was unchanged from the one released in June, showing that the median FOMC member anticipates an additional rate hike in 2017 and three rate hikes in 2018.

The feds funds futures market now places the chances of a December rate hike at 67.8%, up from 57.7% on Tuesday and from 48.7% last week.

U.S. Treasuries were trading flat ahead of the FOMC announcement, but then moved lower in a curve-flattening trade. The 2-yr yield, which is more sensitive to changes in monetary policy, jumped five basis points to 1.44%, finishing at a nine-year high. Meanwhile, the benchmark 10-yr yield climbed four basis points to 2.28%.

The U.S. Dollar Index (92.25, +0.63) settled with a gain of 0.7% after holding a loss of 0.2% prior to the FOMC release.

In the equity market, the two heaviest sectors--technology (-0.5%) and financials (+0.6%)--finished at opposite ends of the leaderboard. Apple (AAPL 156.07, -2.66) weighed on the tech space, dropping 1.7%, following rumors of softer-than-expected demand for the new iPhone 8, which was unveiled last week.

Elsewhere within the tech space, chipmakers underperformed, sending the PHLX Semiconductor Index (-1.4%) lower for the first time in eight sessions. Adobe Systems (ADBE 149.96, -6.64) also exhibited notable weakness (-4.2%), despite reporting above-consensus earnings and revenues.

As for financials, the space got off to a mild start, but moved sharply higher following the FOMC policy announcement. Financials' win--which marks the eighth in the last nine sessions--was a team effort as nearly all of the sector's components finished in positive territory.

The energy sector (+0.7%) also outperformed, thanks in part to an increase in the price of crude oil; WTI crude jumped 1.5% to $50.70/bbl. The EIA's weekly crude inventory report was disappointing, showing a bigger-than-expected build of 4.6 million barrels (+3.5 million consensus).

However, the Iraqi oil minister said OPEC and non-OPEC producers are considering extending, or even deepening, last year's supply-cut agreement, which is currently set to expire in March 2018. That news helped the commodity overcome the EIA inventory report and climb to its highest level in four months.

It's also worth noting that transports outperformed on Wednesday, pushing the Dow Jones Transportation Average higher by 1.6%. FedEx (FDX 220.50, +4.50) was one of the DJTA's strongest components (+2.1%), despite issuing below-consensus guidance on Tuesday evening.

In politics, reports indicate that Senate Majority Leader Mitch McConnell (R-KY) intends to put a new health care bill on the floor next week. In order to avoid an overlap with the vote, reports indicate that Congress may delay releasing a tax reform outline until the first week of October.

Reviewing Wednesday's economic data, which included August Existing Home Sales and the weekly MBA Mortgage Applications Index:

Existing home sales for August decreased 1.7% from July to an annualized rate of 5.35 million units while the Briefing.com consensus expected a reading of 5.42 million. The prior month's reading was left unrevised at 5.44 million.
The key takeaway from the report is that notable supply constraints remain, which will continue to act as a drag on overall sales due to the limited inventory and the high prices on available inventory that is crimping affordability.
The weekly MBA Mortgage Applications Index decreased 9.7% to follow last week's 9.9% rise.

On Thursday, investors will receive several economic reports, including the weekly Initial Claims Report (Briefing.com consensus 310K) at 8:30 ET, the September Philadelphia Fed Index (Briefing.com consensus 17.1) also at 8:30 ET, and the July FHFA Housing Price Index at 9:00 ET.

Nasdaq Composite +19.9% YTD
S&P 500 +12.0% YTD
Dow Jones Industrial Average +13.4% YTD
Russell 2000 +6.5% YTD

Dow: +41.79… | Nasdaq: -5.28… | S&P: +1.59…
NASDAQ Adv/Dec 1449/965. …NYSE Adv/Dec 1612/1283.

03:35PM ET
[BRIEFING.COM]

Commodities felt some pressure following a surge in the dollar index post-Fed
Gold, silver, copper and natural gas are near today's lows in current trade, holding the Fed-driven weakness
By settlement, Nov crude oil was up $0.75 at $50.70/barrel, while Oct natural gas was down $0.03 at $3.09/MMBtu
Moving over to the metals space...
Dec gold settled $6.10 higher at $1316.60/oz and Dec silver was up $0.06 at $17.34/oz
However, this was before the Fed release. Gold is now ~$1,304.49/oz, while silver is $17.16/oz
Dec copper settled unchanged at $2.97/lb, but is now $2.96

Dow: +8.62… | Nasdaq: -13.79… | S&P: -1.26…
NASDAQ Adv/Dec 1599/1293. …NYSE Adv/Dec 1609/1313.

03:00PM ET

[BRIEFING.COM] The major averages have bounced back a bit in recent action, with the S&P 500 trimming its loss to 0.1%. Meanwhile, the Dow (unch) hovers at its flat line, looking to register its seventh-consecutive record high close.

Moving into the final stretch, six sectors are trading in the green--financials (+0.9%), energy (+0.7%), telecom services (+0.5%), industrials (+0.5%), materials (+0.2%), and consumer discretionary (+0.2%)--while five groups are trading in the red--health care (-0.1%), real estate (-0.5%), technology (-0.9%), utilities (-1.0%), and consumer staples (-1.2%).

U.S. Treasuries have slipped from their flat lines following the FOMC policy announcement, sending the 2-yr yield to its highest level in nearly nine years; the 2-yr yield is currently up five basis points at 1.44%. Meanwhile, the benchmark 10-yr yield is up four basis points at 2.28%.
Dow: +3.70… | Nasdaq: -23.95… | S&P: -3.53…
NASDAQ Adv/Dec 1498/1087. …NYSE Adv/Dec 1579/1315.

02:30PM ET

[BRIEFING.COM] The stock market has continued to slide in the wake of the latest FOMC policy decision, which was released at the top of the hour. The S&P 500 is now down 0.4%.

As expected, the Fed announced that it will begin unwinding its balance sheet in October, using the normalization program it introduced back in June. What was somewhat surprising, however, was the so-called "dot plot," which showed that the median FOMC member anticipates another rate hike before the end of the year. In addition, the U.S. central bank projects that it will raise rates three times in 2018.

The fed funds futures market now puts the chances of a December rate hike at 66.9%, up from 57.7% yesterday.

Fed Chair Janet Yellen will kick off her post-decision press conference shortly.
Dow: -42.66… | Nasdaq: -42.49… | S&P: -8.57…
NASDAQ Adv/Dec 1387/1273. …NYSE Adv/Dec 1444/1428.

02:05PM ET

[BRIEFING.COM] As expected, the FOMC voted to keep the fed funds target range at 1.00%-1.25% and announced that its balance sheet normalization process will begin in October.

Equities are lower following the announcement with the S&P 500 showing a loss of 0.2%; the benchmark index was flat going into the release.

Meanwhile, Treasuries have moved lower after trading flat ahead of the decision; the 2-yr yield is up five basis points at 1.43% while the 10-yr yield is up two basis points at 2.26%.

The U.S. Dollar Index (91.72, +0.10) was down 0.2%, but now sports a gain of 0.1%.
Dow: +6.41… | Nasdaq: -22.19… | S&P: -1.86…
NASDAQ Adv/Dec 1590/1138. …NYSE Adv/Dec 1702/1147.

01:30PM ET

[BRIEFING.COM] The major U.S. indices continue to bounce around their base levels ahead of today's FOMC rate decision, due out at the bottom of the hour.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 35.93, +0.48), McDonald's (MCD 159.37, +1.94), & Boeing (BA 255.11, +2.65) are outperforming. Pfizer is leading the Dow after being upgraded to Overweight from Equal-Weight at Morgan Stanley.

Conversely, Apple (AAPL 155.73, -3.00) is the worst-performing Dow component following cautious comments from Rosenblatt Securities regarding lower-than-expected iPhone 8 pre-orders, as well as negative reviews for the newest Apple Watch, which are tied to complaints about LTE connectivity issues.

At current levels, the DJIA is up 0.47% this week.
Dow: +1.35… | Nasdaq: -14.64… | S&P: -1.14…
NASDAQ Adv/Dec 1637/1103. …NYSE Adv/Dec 1797/1046.

01:00PM ET

[BRIEFING.COM] The stock market's recent rally has been put on hold today, keeping the major indices near their flat lines, as investors await the latest FOMC policy decision, which is due at 14:00 ET. The Dow (+0.1%) and the S&P 500 (+0.1%) sport slim gains while the Nasdaq (-0.1%) holds a modest loss. Small caps show relative strength, sending the Russell 2000 higher by 0.3%.

Apple (AAPL 155.59, -3.14) has been a burden on the broader market today following rumors that iPhone 8 pre-orders were softer-than-expected. The tech titan has come up from the seven-week low it posted earlier in the session, but still shows a sizable loss of 1.9%. Unsurprisingly, the top-weighted technology sector (-0.4%) hovers at the bottom of today's leaderboard.

Elsewhere within the tech group, Adobe Systems (ADBE 151.52, -5.07) has dropped 3.3%, despite beating both top and bottom line estimates, and chipmakers show notable weakness, putting the PHLX Semiconductor Index (-1.5%) on track for its first loss in eight sessions.

Only two of the ten remaining sectors are trading in the red this afternoon--utilities (-0.3%) and consumer staples (-0.2%). The utilities space has been the weakest sector this month, with today's decline extending its month-to-date loss to 1.3%.

For consumer staples, General Mills (GIS 52.18, -3.21) has been a bearish influence, dropping 5.8%, after reporting worse-than-expected earnings earlier this morning. Today's decline puts GIS shares at their worst level since March 2015.

On the flip side, the energy sector (+0.7%) is hovering at the top of the sector standings, thanks in part to a rally in the crude oil futures market; WTI crude is currently up 2.0% at $50.93/bbl. The EIA's weekly inventory report was disappointing, showing a bigger-than-expected build of 4.6 million barrels (+3.5 million consensus).

However, the Iraqi oil minister said OPEC and non-OPEC producers are considering extending, or even deepening, last year's supply-cut agreement, which is currently set to expire in March 2018. That news has helped the commodity overcome the EIA inventory report and climb to its highest level in four months.

The industrial sector also shows relative strength (+0.6%), underpinned by transports, which have sent the Dow Jones Transportation Average higher by 1.3%. FedEx (FDX 220.18, +4.18) is one the the DJTA's strongest components (+1.9%) despite issuing below-consensus guidance yesterday afternoon.

In the bond market, Treasuries are relatively flat ahead of this afternoon's FOMC policy statement. The benchmark 10-yr yield is unchanged at 2.24% while the 2-yr yield is down one basis point at 1.38%. Meanwhile, the U.S. Dollar Index (91.47, -0.15) is off 0.2%.

A rate hike is not on the table this afternoon, but the Fed is expected to announce a start date for its balance sheet normalization process and provide its latest rate-hike projections via the so-called "dot plot." Fed Chair Janet Yellen will hold a press conference 30 minutes after the policy statement is released.

Reviewing Wednesday's economic data, which included August Existing Home Sales and the weekly MBA Mortgage Applications Index:

Existing home sales for August decreased 1.7% from July to an annualized rate of 5.35 million units while the Briefing.com consensus expected a reading of 5.42 million. The prior month's reading was left unrevised at 5.44 million.
The key takeaway from the report is that notable supply constraints remain, which will continue to act as a drag on overall sales due to the limited inventory and the high prices on available inventory that is crimping affordability.
The weekly MBA Mortgage Applications Index decreased 9.7% to follow last week's 9.9% rise.

Dow: +19.92… | Nasdaq: -5.64… | S&P: +1.53…
NASDAQ Adv/Dec 1688/1059. …NYSE Adv/Dec 1840/989.

12:25PM ET

[BRIEFING.COM] Equities have crept higher as of late, pushing the S&P 500 (+0.1%) a tick above its flat line.

The heavily-weighted financial sector (+0.2%) is on track to post its eighth win in nine sessions this afternoon, extending its month-to-date advance to 2.9%. Within the sector, JPMorgan Chase (JPM 94.58, +0.64) shows relative strength, climbing 0.7%, while Bank of America (BAC 24.81, -0.06) exhibits relative weakness, dropping 0.2%.

In the bond market, Treasuries are relatively flat ahead of this afternoon's FOMC policy statement, which will be released at 14:00 ET. The benchmark 10-yr yield is unchanged at 2.24% while the 2-yr yield is down one basis point at 1.38%. Meanwhile, the U.S. Dollar Index (91.50, -0.12) is off 0.1%.
Dow: +20.95… | Nasdaq: -10.58… | S&P: +1.29…
NASDAQ Adv/Dec 1638/1089. …NYSE Adv/Dec 1820/1013.

11:55AM ET

[BRIEFING.COM] The major averages have not changed since the last update.

Transports are outperforming today, evidenced by the Dow Jones Transportation Average (+1.4%), following FedEx's (FDX 221.66, +5.66) latest earnings report. The company was trading lower in pre-market action on the heels of some disappointing guidance, but shook off the early weakness to advance to a new all-time high; FDX shares are up 2.5% from yesterday's close.

American Airlines (AAL 45.42, +1.04) also shows particular strength (+2.3%) after its shares were upgraded to 'Outperform' from 'Market Perform' at Raymond James.

All 20 of the DJTA's components are trading in the green, extending the price-weighted average's month-to-date gain to 3.4%. For comparison, the S&P 500 is up 1.4% for the month. The Dow Jones Transportation Average is considered a leading indicator, meaning it typically does well when the outlook for the economy is favorable.

The industrial sector, which houses transport names, sports a gain of 0.6%.
Dow: +16.40… | Nasdaq: -20.20… | S&P: +0.22…
NASDAQ Adv/Dec 1577/1158. …NYSE Adv/Dec 1753/1048.

11:25AM ET

[BRIEFING.COM] Equity indices have largely maintained their recent levels, except for the tech-heavy Nasdaq (-0.3%), which has slipped into the red.

Apple (AAPL 154.28, -4.45) has dropped 2.8% this morning, hitting a fresh seven-week low, as investors take some profits at the tail end of yet another solid quarter for the tech titan--AAPL shares hold a quarter-to-date gain of 7.5%. Unsurprisingly, the top-weighted technology sector (-0.8%) is trading at the bottom of today's sector standings.

The consumer staples space (-0.3%) has also struggled today, with General Mills (GIS 52.52, -2.85) leading the retreat. GIS shares have plunged 5.2% after the company reported below-consensus earnings earlier this morning. Only two other spaces currently trade in negative territory--utilities (-0.1%) and real estate (-0.1%).
Dow: +14.09… | Nasdaq: -19.80… | S&P: -0.60…
NASDAQ Adv/Dec 1590/1132. …NYSE Adv/Dec 1714/1041.

10:55AM ET

[BRIEFING.COM] The major U.S. indices continue trending sideways near their unchanged marks as investors await the latest FOMC policy decision, which will be released at 14:00 ET.

Crude oil has dropped from its best mark of the day after the Energy Information Administration (EIA) released its weekly inventory report, which showed a bigger-than-expected build of 4.6 million barrels (consensus +3.5 million) for the week ended September 15. Conversely, gasoline inventories decreased by 2.1 million barrels last week.

WTI crude held a gain of 1.6% going into the EIA release, but has trimmed that gain to 0.8% in the aftermath. The commodity currently trades at a price of $50.31/bbl.

On a positive note, the Iraqi oil minister said OPEC and non-OPEC producers are considering extending, or even deepening, last year's supply-cut agreement, which is currently set to expire in March 2018. The energy sector, which typically moves in tandem with the price of crude oil, is up 0.4%, hovering behind the industrials (+0.5%) and telecom services (+0.5%) groups at the top of the leaderboard.
Dow: +1.11… | Nasdaq: -7.73… | S&P: -0.14…
NASDAQ Adv/Dec 1581/1147. …NYSE Adv/Dec 1647/1079.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently or +0.7% at 85.4577
Dollar index is currently -0.1% at 91.53
Looking at energy...
Dec WTI crude oil futures are now +$0.51 at $50.41/barrel
In other energy, Oct natural gas is +$0.01 at $3.13/MMBtu
Moving on to metals...
Dec gold is currently +$6.04 at $1316.64/oz, while Sept silver is +$0.07 at $17.35/oz
Dec copper is now +$0.01 at $2.96/lb

Dow: +1.59… | Nasdaq: -3.44… | S&P: 0.12…
NASDAQ Adv/Dec 1410/1199. …NYSE Adv/Dec 1591/1087.

10:00AM ET

[BRIEFING.COM] Equity indices continue drifting near their unchanged marks.

Just in, existing home sales for August decreased 1.7% from July to an annualized rate of 5.35 million units while the Briefing.com consensus expected a reading of 5.42 million. The prior month's reading was left unrevised at 5.44 million.
Dow: -2.41… | Nasdaq: -4.31… | S&P: +0.43…
NASDAQ Adv/Dec 1398/1212. …NYSE Adv/Dec 1598/1005.

09:45AM ET

[BRIEFING.COM] The major averages opened Wednesday's session just a tick above their flat lines.

Most sectors are trading in positive territory, but gains have been limited thus far; the energy sector hovers at the top of the leaderboard with a gain of 0.5%. On the flip side, the heavily-weighted technology (-0.1%) and health care (unch) groups are trading lower, acting as a drag on the broader market. The consumer staples space also underperforms, showing a loss of 0.2%.

Treasuries are flat ahead of today's last economic report--August Existing Home Sales (Briefing.com consensus 5.42 million)--which will be released shortly at 10:00 ET.
Dow: +1.57… | Nasdaq: +3.02… | S&P: +1.87…
NASDAQ Adv/Dec 1386/1163. …NYSE Adv/Dec 1601/929.

09:16AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -2.10.

The market is in wait-and-see mode ahead of today's FOMC announcement, which will cross the wires this afternoon at 14:00 ET. The S&P 500 futures currently trade one point above fair value.

A rate hike is not on the table this afternoon, but the Fed is expected to announce a start date for its balance sheet normalization process and provide its latest rate-hike projections via the so-called "dot plot." Fed Chair Janet Yellen will hold a press conference 30 minutes after the policy statement is released.

Ahead of today's FOMC announcement, the market believes the chances of a December rate hike sit at 56.9%--according to the CME FedWatch Tool.

In earnings news, investors have received quarterly reports from a number of notable companies since yesterday's close, including Adobe Systems (ADBE 152.30, -4.30), FedEx (FDX 214.75, -1.25), General Mills (GIS 52.00, -3.38), and Bed Bath & Beyond (BBBY 23.26, -3.77). All four names are trading lower in pre-market action.

Bed Bath & Beyond has plunged 13.5% after missing both top and bottom line estimates and issuing below-consensus guidance. Meanwhile, General Mills is down 5.9% after missing bottom-line estimates and FedEx is off 0.6% after issuing below-consensus guidance. Conversely, Adobe Systems actually beat top and bottom line estimates, but has still dropped 3.3% nonetheless.

Crude oil has climbed 1.1% to $50.46/bbl this morning, hitting a four-month high, after the Iraqi oil minister said that OPEC and non-OPEC producers are considering extending, or even deepening, last year's supply-cut agreement, which is currently set to expire in March 2018.

On the data front, the weekly MBA Mortgage Applications Index decreased 9.7% to follow last week's 9.9% rise. Today's last economic report--August Existing Home Sales (Briefing.com consensus 5.42 million)--will be released at 10:00 ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -1.40.

The S&P 500 futures trade one point above fair value.

Equity indices in the Asia-Pacific region ended Wednesday on a mixed, but generally quiet, note as participants awaited the latest policy update from the FOMC, which will be released this afternoon. China Securities Journal said that the steady downtrend in the yuan is over and that two-way fluctuations are more likely going forward. This comes after more than a week of daily gains for the dollar against the Chinese currency, but the yuan is still up 5.3% against the dollar for the year. South Korea's President Moon Jae-in said that the warning President Trump delivered to North Korea, during yesterday's UN appearance, was firm and in-line with previous remarks.

In economic data:
Japan's August trade surplus JPY370 billion (expected surplus of JPY410 billion; last surplus of JPY360 billion). August Imports +15.2% year-over-year (expected 11.8%; last 16.3%) and August Exports +18.1% year-over-year (consensus 14.7%; prior 13.4%)
New Zealand's Q2 Current Account deficit NZD7.49 billion year-over-year (expected deficit of NZD8.08 billion; last deficit of NZD8.13 billion)
Australia's MI Leading Index -0.1% month-over-month (last 0.1%)

---Equity Markets---

Japan's Nikkei added 0.1%, inching to another fresh high for the year. Pioneer, Softbank, Nikon, Dentsu, Haseko, JFE Holdings, Nitto Denko, Sumitomo Electric Industries, NKSJ Holdings, and Yahoo Japan rose between 1.0% and 3.9%.
Hong Kong's Hang Seng gained 0.3%. Geely Automobile continued its rally, jumping 5.7% to bring its 2017 gain to nearly 225.0%. Energy-related names like China Shenhua Energy and CNOOC gained 2.5% and 0.4%, respectively, while financials and property names were mixed. Hang Seng Bank, Ping An Insurance, and Bank of China all gained near 0.3% while Bank of East Asia, SHK Properties, Link Reit, and China Overseas lost between 0.4% and 1.9%.
China's Shanghai Composite rose 0.3%. Datang Telecom Technology, Shanghai Belling Co, Beijing Urban Construction Investment & Development, YTO Express, and Sichuan Western Resources Holding added between 5.6% and 6.9%.
India's Sensex settled just below its flat line. Hero MotoCorp, Tata Motors, and Bajaj Auto surrendered between 0.7% and 2.3% while Dr. Reddy's Labs outperformed following positive analyst commentary, jumping 3.3%.

Major European indices trade near their flat lines while Spain's IBEX (-1.2%) underperforms. Spanish equities could be starting to show stress due to the growing conflict between the country's federal government and officials in Catalonia. El Periodico reported that 14 arrests have been made in Catalonia today as Madrid steps up the frequency of raids aimed at halting the independence referendum planned for October 1. Catalan First Minister Carles Puigdemont has vowed to push on, saying the regional government "will not retreat."

In economic data:
Germany's August PPI +0.2% month-over-month (expected 0.1%; last 0.2%); +2.6% year-over-year (consensus 2.5%; last 2.3%)
UK's August Retail Sales +1.0% month-over-month (expected 0.2%; last 0.6%); +2.4% year-over-year (consensus 1.1%; last 1.4%). August Core Retail Sales +1.0% month-over-month (expected 0.2%; last 0.7%); +2.8% year-over-year (consensus 1.1%; last 1.4%)

---Equity Markets---

France's CAC is up 0.1% with around half of its components trading in the green. Growth-sensitive names like Publicis Groupe, Total, Accor, Schneider Electric, and Renault show gains between 0.1% and 0.9%.
UK's FTSE hovers near its flat line as consumer stocks appear on both sides of the leaderboard. Kingfisher has spiked 5.9% in reaction to upbeat earnings while Babcock International, ITV, Marks & Spencer, Dixons Carphone, and Next are up between 1.7% and 6.1%. On the flip side, Diageo is down 2.3% after providing a trading update. Burberry, Imperial Brands, and Paddy Power are down between 0.5% and 0.9%.
Germany's DAX is off 0.1% amid losses in most components. Deutsche Bank and Commerzbank are down 1.5% and 1.1%, respectively, while Lufthansa, Adidas, Allianz, BMW, and Volkswagen show losses between 0.4% and 1.4%.
Spain's IBEX is down 1.2% with Banco Sabadell, Caixabank, Santander, BBVA, Bankia, and Bankinter losing between 1.0% and 3.4%.

08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -0.10.

The S&P 500 futures trade one point above fair value.

According to the CME FedWatch Tool, the market currently believes that there is a 58.3% chance that the Fed will decide to raise interest rates one additional time this year. However, that figure will surely be adjusted this afternoon when the U.S. central bank releases its latest "dot plot"--which anonymously captures Fed officials' individual rate-hike projections.

The Fed forecasted three rate hikes in 2017, but, with one more rate hike to go, persistently tepid inflation data has put that projection in doubt.

08:03AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: -2.40.

The major U.S. indices inched to new record highs on Tuesday, marking yet another victory for the stock market, which has been rallying for over a week. Investors have hit pause this morning, however, ahead of the latest FOMC policy directive, which will be released this afternoon at 14:00 ET. The S&P 500 futures currently trade just one point above fair value.

A rate hike is not on the table this afternoon, but the Fed is expected to announce a start date for its balance sheet normalization process. Investors are also eager to get their hands on the latest "dot plot," which shows the rate-hike projections of the FOMC members.

In addition, Fed Chair Janet Yellen will hold a press conference at 14:30 ET.

U.S. Treasuries are mostly higher ahead of the FOMC decision, bouncing back from over a week of weakness; the benchmark 10-yr yield is down one basis point at 2.23% while the 2-yr yield is flat at 1.39%. Meanwhile, the U.S. Dollar Index (91.48, -0.14) is down 0.2%, which places it at its lowest level in more than a week.

Crude oil has climbed 1.1% to $50.47/bbl, hitting a four-month high, after the Iraqi oil minister said that OPEC and non-OPEC producers are considering extending, or even deepening, last year's supply-cut agreement, which is currently set to expire in March 2018.

On the data front, today's most notable economic report--August Existing Home Sales (Briefing.com consensus 5.42 million)--will be released at 10:00 ET. The weekly MBA Mortgage Applications Index, which crossed the wires earlier this morning, decreased 9.7% to follow last week's 9.9% rise. Investors will not receive any other economic data.

In U.S. corporate news:

Adobe Systems (ADBE 152.30, -4.30): -2.8% despite reporting better-than-expected earnings and revenues.
FedEx (FDX 213.00, -3.00): -1.4% after issuing below-consensus guidance.
General Mills (GIS 52.50, -2.88): -5.2% after reporting worse-than-expected earnings.
Bed Bath & Beyond (BBBY 23.10, -3.93): -14.5% after missing both top and bottom line estimates and issuing below-consensus guidance.
Western Digital (WDC 86.00, -3.92): -4.4% following reports that Toshiba (TOSBF 2.89, 0.00) may not select WDC in a bid for its chipmaking unit.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Wednesday on a mixed, but generally quiet, note as participants awaited the latest policy update from the FOMC. Japan's Nikkei +0.1%, Hong Kong's Hang Seng +0.3%, China's Shanghai Composite +0.3%, India's Sensex unch.
In economic data:
Japan's August trade surplus JPY370 billion (expected surplus of JPY410 billion; last surplus of JPY360 billion). August Imports +15.2% year-over-year (expected 11.8%; last 16.3%) and August Exports +18.1% year-over-year (consensus 14.7%; prior 13.4%)
New Zealand's Q2 Current Account deficit NZD7.49 billion year-over-year (expected deficit of NZD8.08 billion; last deficit of NZD8.13 billion)
Australia's MI Leading Index -0.1% month-over-month (last 0.1%)
In news:
China Securities Journal said that the steady downtrend in the yuan is over and that two-way fluctuations are more likely going forward. This comes after more than a week of daily gains for the dollar against the Chinese currency, but the yuan is still up 5.3% against the dollar for the year.
South Korea's President Moon Jae-in said that the warning President Trump delivered to North Korea, during yesterday's UN appearance, was firm and in-line with previous remarks.

Major European indices trade near their flat lines while Spain's IBEX underperforms. France's CAC +0.2%, UK's FTSE unch, Germany's DAX -0.1%, Spain's IBEX -0.9%.
In economic data:
Germany's August PPI +0.2% month-over-month (expected 0.1%; last 0.2%); +2.6% year-over-year (consensus 2.5%; last 2.3%)
UK's August Retail Sales +1.0% month-over-month (expected 0.2%; last 0.6%); +2.4% year-over-year (consensus 1.1%; last 1.4%). August Core Retail Sales +1.0% month-over-month (expected 0.2%; last 0.7%); +2.8% year-over-year (consensus 1.1%; last 1.4%)
In news:
Spanish equities could be starting to show stress due to the growing conflict between the country's federal government and officials in Catalonia. El Periodico reported that 14 arrests have been made in Catalonia today as Madrid steps up the frequency of raids aimed at halting the independence referendum planned for October 1. Catalan First Minister Carles Puigdemont has vowed to push on, saying the regional government "will not retreat."

05:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: -0.80.

05:55AM ET
[BRIEFING.COM] Nikkei...20310.5...+11.10...+0.10%. Hang Seng...28128...+76.40...+0.30%.

05:55AM ET
[BRIEFING.COM] FTSE...7276.51...+1.30...+0.00%. DAX...12569.84...+8.10...+0.10%.

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Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links will be useful for you.

Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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