A Look At The Major Indices Ahead of FOMC

It’s slow out there today and it’s no surprise that yesterday and today are shaping up to be the two lowest volume days of 2016. But that is sure to be short lived as we have a catalyst on deck tomorrow, the FOMC statement by the fed which is sure to bring a little more action to markets.

Here’s where we stand across the major indices heading into the fed.

SPY_3_15

$SPY after a nice multi-week run up we are pulling back towards that rising 8 period EMA and consolidating recent gains. 197 – 203 is the range I’ll be watching moving forward, and to a lesser extent that nice round 200 SPY level sits right in the middle as a point of control.

iwm_3_15

$IWM has major resistance above it around 108 which stopped this trend dead in it’s tracks on the first test. It’s since spent 6 days consolidating underneath that major level, so be aware that this is already a bit wound up for the next directional move.

qqq_3_15

$QQQ is in the process of trying to hold above a very important 106 level of prior resistance. This is a clear line in the sand and one that I’m using to guide my decisions moving forward.

As you can see most of these indices are quietly moving sideways but the levels outlined above should be paid attention to if volatility picks up tomorrow afternoon.

Don’t forget, our free webinar is just 1 week away and it’s going to be great! For more info and to signup head here.

 

 

Enjoy what you read? Share it below and be sure to tag @thetraderisk.

Find similar content on the following:
Posted in ,
Tagged with

Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

Don't miss out on more educational articles just like this!

Please enter your name.
Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Leave a Comment