Outlook 04/28: U.S. stock futures were flat ahead of FOMC decision. The Fed's monetary policy-setting committee is expected to show exactly how patient it is this afternoon, revealing its thoughts on inflation, bond buying and risks to the financial system. While the FOMC isn't expected to adjust monetary policy at the April meeting, investors will be looking for whether the officials start "thinking about thinking about" tapering the pace of $120B+ monthly asset purchases.
/ESM21: YVAH 4183 YPOC 4176 YVAL 4174 GAP 4178.75
/ES Plan: Yesterday market closed balanced, and overnight continues flat, moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above YVAH 4183 with bullish internals, buy towards ONH 4192.50 and PBTs 4198-4201.
B) If market remains below 4183 with bearish internals, sell towards ONL 4175.75 YVAL 4174 and HVE 4162.
Note: FOMC days are two separate sessions. The AM session tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. Today is NOT the day to trade aggressively.
Market Movers
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
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