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Today is Fed Day. Assume for now “Hawkish pause” as the Fed tries something new. More later this morning on that.
With all the implications Fed Day brings, the main one for us is this: Today’s trading should be treated like 2 sessions. The first one ends 1:30 and the second one begins at 2pm.
The other day we said the range we are indifferent inside is approximately 1995 to 1960. The market is right now right at the 1960 area. Michale Moor’s levels today emphasize this. To simplify the languageusing approximate levels:
