Fed Day – Here Are The Levels…
S&P futures have been range-trading thus far today, but have a key level 852.50. S&Ps will have to show staying power above this area to encourage any buying. Above this, as mentioned in the Morning Meeting, we have a key area at 854.50-855.50. Keep in mind that the FOMC two-day meeting concludes today, so we may not see much action until mid-afternoon.
Meanwhile, on the downside, if S&Ps go below 850, the targets are 848, and possibly 845.
For Nasdaq futures, the key level is 995. Above that, the targets are 998.50 and 1000. Below 990, the immediate trend is broken.