Slow…
A slow, choppy trade at mid-day in the S&P futures. The quietness of the market is due at least in part to tomorrow’s Fed meeting, as many players are on the sidelines.
At this point, we do not expect any range extension to speak of, at least through the lunchtime trade. Later in the day it may be possible. As we stated in the Morning Meeting, the day before a Fed meeting is often quiet, although there has been notable volatility of late due to news and Fed expectations.
Earlier, S&Ps tested the 900 level, with 904-905 as the upside/resistance target.
A double low print at 923 in the Nasdaq futures, but otherwise very little going on. The pit is quiet and in typical pre-Fed mode. Earlier, Nasdaq futures failed to get past the 933-935 resistance. On the downside, we have support at 922, and then 917.
For more information about the Morning Meeting, please see: