Quiet…
S&Ps are trading at 1100.20, holding support at the 1100 level. The market has traded lower in a grind-oriented move, with locals trading on the short side below the 1106 level.
However, the market is quiet in advance of tomorrow’s Fed meeting. We do not expect activity to pick up considerably this afternoon or tomorrow morning.
On the downside, we have the opening range at 1099-1097.50. The zone between 1091 and 1086 was heavily traded on Friday.
Nasdaq is trading at 1473. The market has been holding the upside, with support at 1470. But the trade remains very quiet. Above the high, we have a target at 1484 and then 1500.