Retest of the Lows
SPZ looking for a retest of its 820.5 low of the day. Keep in mind that 821.5-820.5 is the opening range The opening range was 821.50 to 820.50. The retest of the lows follows selling pressure in IBM.
Activity is light and the trading pit is very quiet in advance of the expected Fed announcement after the 1-day session, which should occur around 1:15 p.m. Central.
As we mentioned in the Morning Meeting, S&Ps would need to sustain a trade above 824.50-825.50 to negate the bearish tone.
Nasdaq managed to get back above 850 and in positive territory on the day. But the trade is quietly consolidating ahead of the Fed announcement.
For details on the Morning Meeting, please see: