All Eyes On The Fed
All eyes are on tomorrow’s one-day FOMC meeting.
S&Ps are up 0.20 at 1252, which is a key area. Above that we have 1253 and 1257. Above that we have the area of 1262 to 1263.80, from which we fell out of bed on Friday.
On the downside, we have 1250, a major area at 1246.50, Friday’s low 1243.50, and 1240.50, which was the close on April 26.
NASDAQ was trading down 5.00 at 1829.50. For today, we have support between 1820 and 1805. Within this zone is Friday’s low of 1816. If we get below here look for a move to 1750.
On the upside, we have resistance between 1840 and 1850. If we can get above this, look for a move to 1880. Along the way, 1875 to 1885 is resistance.
As for the Dow, 11,000 still continues to confound this market. This should be a very key week for the index.