2 Day Fed Meeting Begins: Market Pulse

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*NOTE: Our daily market update tracks the futures contracts that correlate to the ETFs that we swing trade.

Good Morning!

– S&P futures are trading lower, down 0.14%

– Russell 2000 futures are down 0.47%

– Gold futures are down 0.47%

– Crude oil futures are trading lower, down 0.68%

– Natural gas futures are trading higher, up 0.95%

S&P futures are beginning to pull back off of new all time highs posted in overnight trading as traders and investors prepare for comments from Fed Chairman Janet Yellen. If this pull back is sustained, then will be watching for a retest of initial support in the 2290 area for long interest.
-> Correlating ETF SPY

Russell 2000 futures are peeling away from all time highs this morning as the Fed kicks off it’s two day meeting. I will be monitoring initial support at 1383 which is the bottom of the current price range. If that fails, there is not much in terms of support until 1356.
-> Correlating ETF IWM

Gold futures are correcting lower this morning pulling back into initial support between 1217 and 1199. If weakness begins to set in within the indexes then I will be considering this area for possible long interest to position for a move back up to 1300.
-> Correlating ETF GLD

Crude oil futures are consolidating within a 3 day range ahead of this morning’s inventory reports. The current movement shows a lack of conviction at these levels which means that there is really nothing for us to do until the current range is broken.
-> Correlating ETF USO

Natural gas futures are beginning to bounce off of baseline support at 2.90. There is initial resistance up at 3.013 above which this thing could start to move.
-> Correlating ETF UNG

Happy trading!

Burk

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