Pre-Fed Slowdown
While the Fed is widely expected to leave rates alone, the market action is beginning to slow in the late morning in anticipation of the Fed’s announcement from its one-day meeting today.
There has been a very choppy trade in S&P futures this morning between 1056.50 to 1051. Earlier, a quick reversal in the tech stocks led to a spike off the lows in the S&Ps.
As we said in the Morning Meeting, we have support at 1056.80 and 1055.50, and then below that a support point at 1054. On the upside, resistance is between 1058.50 and 1060.50.
Nasdaq futures held the bottom of the critical support area between 1172 and 1144, putting in a new low for the year at 1144 and then spiking back to 1165. Right now, it’s a thin, quick trade in the pit.
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