Quietly Higher
S&P futures are quietly higher, as the attention remains on tomorrow’s FOMC meeting and the question of whether the Fed will cut by 25 or 50 basis points.
S&Ps are trading at 1172. The market is in the midst of a resistance area between 1171.50 and 1173.50. If we get above this level, look for 1178.
On the downside, the market has been holding support at 1169 to 1168. But keep in mind that activity is quiet. Locals have been on the bid, but brokers have been light, scale-up sellers.
Nasdaq is at 1540. The only way to describe the Nasdaq pit at the moment is “dead!”
The market is at the upper end of resistance from 1535 to 1540. The next level of resistance above this is 1560. But overall, it’s a slow and choppy trade.
Some firmness in the market today due to the Semiconductor Index
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