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U.S. equity index futures little changed ahead of Fed 2 PM
EDT
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Euro STOXX 600 index up ~0.4%
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Dollar, gold ~flat; gold slips; bitcoin up
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U.S. 10-Year Treasury yield rises to ~3.64%
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S&P 500 INDEX: TRADERS LOOK TO BE FED SOME CLARITY (0900 EST/1300 GMT) Going into the conclusion of the a much anticipated FOMC meeting with the release of the latest policy statement at 2:00 PM EDT Wednesday, followed by Fed-Chair Powell's press conference at 2:30 PM EDT, e-mini S&P 500 futures are edging red. Meanwhile, traders are keenly focused on S&P 500 index chart levels:
The SPX ended Tuesday higher for a second-straight session, closing at 4,002.87. That said, with an intraday high of 4,009.08, the benchmark index stalled just a little more than 3 points from its rising 50-day moving average (DMA), which ended at 4,012.61.
The 50-DMA should ascend to just shy of 4,015 on Wednesday, which will roughly coincide with the March 9 high at 4,017.81. The short-term trendline from the February 2 high, which should be around 4,047, and the March 6 high, which was at 4,078.49. Additional resistance is at the line from the January 2022 record high, which is now around 4,120. The February 2 high was at 4,195.44 and the 23.6% Fibonacci retracement of the March 2020-Janaury 2022 advance is at 4,198.70.
On the downside, Tuesday's opening gap requires a fall to
3,956.62 for a fill, and the 200-DMA should be around 3,934. The
38.2% Fibonacci retracement of the March 2020-January 2022
advance is at 3,815.20. The May 2022 and March 2023 troughs were
at 3,810.32 and 3,808.86.
It now remains to be seen if the results of Wednesday's Fed
events provide enough impetus to ultimately resolve the S&P
500's multi-month trading range essentially defined by the 23.6%
and 38.2% Fibonacci retracements of the March 2020-January 2022
advance.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
