Sidelines
A lot of players are on the sidelines because of tomorrow’s Fed meeting. So unless you are looking for a longer-term play, the sidelines may be the best place for you too, today.
S&Ps are at 1034 in a very tight range. Light activity in the pit this morning. Earlier we saw decent selling from the brokers that pushed this market to new lows around 1029. Overall, it’s quiet.
Nasdaq futures are facing some tough resistance above 1150 in a thin and difficult trade. If we get above 1148-1156, we have resistance from 1160 to 1170. On the downside, we have support at 1140-1135, and then around 1130.