The Federal Open Market Committee (FOMC) will conclude its two day meeting this afternoon and release its decision and statement, news that is sure to move the stock market.
Traders also await news of the EIA report.
A review this morning of the S&P 500 at the money spread expiring Friday at the 2830 strike has priced in 29 points, leaving us a range of 2859-2801.
After a spike to the top of our ranges, we receded as expected due to the formations sitting in the charts.
Higher resistances appear near 2866 to 2876 and with the trend formations, it seems likely we get there at some point, but a broader range of motion still suggests that we are testing upper edges that will fade.
New support looks like 2829.5 or so. Bullish undercurrents prevail so pullbacks will be buying opportunities near this level, provided our momentum holds steady. A day of congestion into the release looks likely.
Stock Market Futures Update – March 20, 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.