Range Extension
S&Ps managed a range extension in the late morning, trading to a new high at 1175, and just below a resistance area from 1175.80 to 1176.50. We expect stiff resistance in this area, given that yesterday’s high was 1175.50 and 1176.20 was the double high from March 8 and 11.
Of course, as we stated this morning, the one-day Fed meeting will absorb much of the market’s attention. The announcement will come at 1:15 p.m. Central.
Nasdaq, meanwhile, put in a high print at 1526 as some light buyers stepped in ahead of the Fed announcement. The next target is yesterday’s high of 1532. Yesterday, the Nasdaq spent the majority of the day between 1525 and 1530.
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