Range-Bound
S&Ps made a late-morning high at 1353, exceeding yesterday’s high of 1352. But, overall, the market is quiet and range-bound. The Pit is half full, and all of us are fully focused on the FOMC.
This meeting may be a non-event with a neutral bias adopted. Still, we are on the sidelines until the announcement comes out.
If the Fed were to cut rates — which I view as unlikely for this meeting — we could move up into the 1400s. However, if the neutral stance is adopted, this market will continue to watch closely for the next inevitable earnings warnings announcements.
Technically speaking, we have support at 1342.50 and 1340. On the upside, we have to trade above 1357 to fill the gap.
NASDAQ is currently trading in a range between 2630 and 2660, with a high of the day at 2663.
The market has quieted down significantly from this morning’s rally.
Earlier, we opened at 2590 and then traded straight down to our support area at 2575-2550. We made a low at 2563 and then bounced quickly, rallying 80 handles in approximately 10 minutes. It was a bullish signal that we held that support area at 2550-2575.
NASDAQ is currently trading in a range between 2630 and 2660, with a high of the day at 2663.