Outlook 09/25: The Federal Reserve begins its two-day Federal Open Market Committee (FOMC) meeting today. At the conclusion of the meeting on Wednesday, the Fed is widely expected to raise interest rates by 25 basis points. On RTH morning session, we'll get the September consumer confidence index report from the Conference Board. Confidence is expected to have deteriorated marginally.
/ESZ8 Value: YVAH 2928 YPOC 2925 YVAL 2922
/ES Plan: Yesterday market closed balanced. Overnight looks bullish (GBT 2941) moving above yesterday's value, so we've these options:
A) If market remains above YVAH 2928 with bullish internals, become a buyer towards ONH 2934.25 VPOC 2943 and ATH 2947.
B) If market starts to move below 2928 with bearish internals, try to sell towards ONL 2923.50 YVAL 2922 and GAP 2915.
Note: Traders be careful as the SP500 was rebalanced for the 1st time in 20 years on Friday adding/removing some stocks. Hedge funds will need to match or beat its performance so we could see erratic trading today.
Today's Economic Calendar
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
11:30 2-Year FRN Auction
01:00 PM 5-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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