The FOMC meeting begins this week with traders feeling quite bullish about stocks.
Perhaps they are pricing in future news, as buyers continue to be aggressive.
A review this morning of the S&P 500 at the money spread expiring Friday at the 2830 strike has priced in 31 points.
This leaves us a range of 2861-2799.
We closed the prior week above 2814 so I suspect that a retest of that region may be ahead, though we sit far from that at this time. Prior resistances appear near 2866 to 2876 and with the trend formations, it seems likely we get there.
New support looks like 2829.5 or so. Bullish undercurrents prevail so pullbacks will be buying opportunities. Pullbacks may be shallow as most momentum formations are convergent across time frames.
Stock Market Futures Update – March 19, 2019
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.