Indexes dip ahead of FOMC: Market Pulse

U Posted by d Comments Off on Indexes dip ahead of FOMC: Market Pulse

S&P Futures are dipping for a second straight day in a row. Price is currently trading within support between 2836 and 2823. I am not sure that I expect to see much in terms of price action here until after tomorrow’s Fed interest rate decision.

Gold Futures are ultimately continuing to consolidate within last week’s price range here ahead of tomorrows FOMC news. Current resistance is up in the 1357 area. Given the broader trend that has unfolded, I am continuing to eye support between 1313 and 1306 for possible long interest.

Crude Oil Futures are beginning to make a downside break of that 3-day range here. I am eyeing initial support down in the 63.46 area, but have my sights set on long interest between 61.91 and 61.05.

Stocks on Watch

GERN has cleared critical resistance at 2.40 to the upside and is currently up 5.5% in pre-market trading at 2.48. If bulls are able to hold their ground on this move then I see upside into the 2.80 territory.

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