S-L-O-W Grind
A slow grind higher in the S&P futures market as traders await the Fed announcement with wide anticipation of a 50-basis-point cut.
S&Ps at 1048 and headed toward 1050. Targets above that are 1052 and 1055.57. But don’t expect much of anything to happen until this afternoon.
On the downside, particularly if the Fed announcement does meet market expectations, we have support around 1035, and then a band of support from 1032 down to 1027. If we break through there, we target a move to the 1020 area.
Nasdaq futures also grinding higher and now at 1179, just below resistance that extends from 1180 to 1184. Needless to say, it’s very quiet in the pit as the Fed watch continues.
On the downside, we have support around 1154, and then 1135 and a band of support between 1130 and 1127. Below that, look for 1117 and then a trade back toward 1100.