Tight, Illiquid Range
S&P futures are trading in a tight, illiquid range this morning, although we have seen points of liqudity around the 1005 to 1006.50 level. However, we’d need to see a 30-minute close above that level for buyers to make much headway to the upside.
As we stated in the Morning Meeting, above 1005-1006.50, we have key resistance from 1010 to 1015.
Nasdaq is trying to hold onto much of yesterday’s gains in a quiet trade. For today, any settlement above 1065 would be moderately bullish moving forward.
Keep in mind that attention is focused on the two-day Fed meeting, which begins today. Most important will be the language that the Fed uses to describe the economic outlook.
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