OANDA:SPX500USD S&P 500 Index
SP500 and other indexes are looking quite positive ahead of the FOMC meeting. Its important to note that during the morning trading session on the day of FOMC, the markets will tend to exhibit sideways trading behavior or neutral day types ahead of the big release. With that being said, we dont anticipate much of a move in either direction for the morning session. Intraday levels to scalp the markets ahead of the FOMC can be found at 4315 and 4355 to the upside. While on the downside we have levels at 4275 and 4190. We fully expect these levels to be taken out by the afternoon as should be increase by 2-3 standard deviations during the FED meeting. On the upside, there is a down trendline that has been capping any rallies in the stock market while on the downside, the yearly low of 4100 is the areas to watch for.
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