Fed Day
Today the market will play a waiting game as the Fed holds a one-day meeting. A quarter-point cut is widely anticipated.
S&P futures are trading up 3.00 points at 1142.30. This morning, pre-Fed announcement, should be a very light trade. The sidelines may be the best place until after the Fed makes its announcement.
On the support side, we have 1142-38. If we get below this, the odds increase for a move down to 1130. On the upside, above 1142, we’ll have resistance between 1144.50 and 1145.50. If we can get above that, there is a good chance we’ll get back to around the 1150 level.
Nasdaq is trading up 14 at 1661.50. We have support between 1657 and 1654. Under that, we have 1651 to 1649, and then 1644-42. On the upside, 1665-1672 is resistance. Above that, 1677 to 1683 is resistance.