FOMC Day

Outlook 09/22: U.S. stock futures set to bounce as investors await any hints Wednesday afternoon from the Fed about when it might start tapering its massive Covid-era bond purchases. The central bank is widely expected to indicate that it's getting ready to announce a tapering timetable. No change in near-zero rates is expected. A change in the wording of the statement may be where the market gets that signal. If the Fed signals any change, expect different language in the third paragraph of its statement, where the committee may update the risk to the outlook as balanced, which may signal tapering before the end of the year.

/ESZ21: YVAH 4373 YPOC 4359 YVAL 4347 GAP 4334.50

/ES Plan: Yesterday market closed balanced, but overnight looks more bullish, moving within Yesterday's value, so these're the opening and initial balance options for today:

A) If market remains above HVE 4363 with bullish internals, buy towards ONH 4373 HVEs 4385-4406 and GAP 4415.

B) If market moves below HVE 4363 with bearish internals, sell towards YVAL 4347 ONL 4321.25 and HVE 4313.

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 Existing Home Sales

10:30 EIA Petroleum Inventories

2:00 PM FOMC Announcement

2:30 PM Chairman Press Conference

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