Matt Maley

The markets are on the cusp of breaking meaningfully above their key resistance levels. However, will the Fed throw a bucket of cold water on the markets...like they did after the summer rally?

After yesterday's action, the stock market is poised for a near-term breakout. However, there's no guarantee. (Besides, if it does breakout, we think it will still provide a great opportunity to raise cash.)

If the stock market fails at a key technical resistance level because it has run out of momentum, it's not good. When it fails at a key resistance level due to a negative change in the fundamentals, it's much worse.

—Chip stock earnings this week will be important. —Lower interest rates can sometimes signal lower earnings. —A look at MSFT's chart. (They report this evening.)

We're now in the "quiet period" for the Fed, but it doesn't matter. We already know that they're going to "pause" soon. Thus, the next big move in the stock market will be determined by the upcoming earnings reports/guidance.