California Dreamin’
Let’s put it this way: If I lived in California, and not Chicago, I’d be golfing this afternoon.
With the Fed meeting tomorrow, I believe the range for the day in S&Ps has been put in already.
In the pit this morning, I saw a lot of activity on both sides of the market between 1457.50 and 1459.50. Around 1460, the market is sitting in a neutral zone.
Above 1462.50, I’d be more inclined to be bullish, and below that, I’d favor the bearish side. But, again, I think we’ve already seen the range for the day.
Also adding to the “wait-and-see sideways mode,” is the action we’ve seen the last few days. The market may be taking a breather, which it would be inclined to do the day before a Fed meeting.
From a technical perspective, S&Ps would have to trade above 1468 as a minimum, and more like 1473, to generate upside enthusiasm. On the downside, we wouuld likely see some action pick up at 1452.50 and then 1448.
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