Waiting For The Fed
Expect a quiet trade in S&Ps into the early afternoon as the market awaits the FOMC announcement.
S&Ps were down 360 at 1342.90 this morning. We have support at 1342.50, then major support at 1340.50, then 1337, 1335, 1333, 1329.50, and a major area between 1325 and 1323.
On the upside, we have resistance at 1347, a key area at 1349.50, small at 1350.50, a critical area at 1351.50-1352 (1352 was yesterday’s high), 1355.50 and a major area at 1357. Remember to fill the gap, this market must trade up to 1357.50.
NASDAQ is down 350 points at 2605. Interesting note from yesterday, our low of 2555 did hold above our low from Friday of 2550. But we were still unable to rally from that area. On the resistance side, we see 2615 to 2635. Above that, we expect a trade to 2650. We have resistance from 2650 to 2675.
If this area does not hold, look for yesterday’s high of 2690 to be taken out. We have resistance between 2690 and 2705. Above 2705, we look for a trade to 2735.
On the downside, we have a critical area of support between 2575 and 2550. Below 2550, we look for selling to accelerate, and a trade down to limit-down at 2513.50. We have support between 2515 and 2495. Below 2495, is the contract low of 2480.