Tick…Tock…Tick…
The waiting game continues as the market holds its collective breath until the (approx.) 1:15 p.m. CT Fed announcement. The market still anticipates a 50-bp cut.
This morning, S&Ps are up 2.00 at 1254, which is above yesterday’s high. We expect a very tight range and a quiet market before the Fed release.
Importantly, the market has been able to hold between the 1252 and 1245 area.
For this morning’s trade ONLY, we have a neutral zone between 1253 and 1257.50. If we can get above 1257.50, there is a good chance we can trade up to 1262. On the support side, we have support between 1249 and 1248, and 1245-1243.
NASDAQ is trading up 4 points at 1812. We are expecting a tight range for NASDAQ too this morning.
We have resistance between 1815 and 1827, which is yesterday’s high print. Bear in mind that we never printed positive yesterday. Above 1827 we have light resistance between 1835 and 1842.
We have support between 1800 and 1790. If we get below this, 1780 to 1775 is support.
One encouraging sign for the Dow yesterday was the good performance in the financials and the large-caps.
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