Markets rally ahead of 2 day Fed meeting: 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 higher, up 0.19%

– Russell 2000 futures are up 0.43%

– Gold futures are down 0.70%

– Crude oil futures are trading lower, down 0.54%

– Natural gas futures are trading lower, down 2.37%

S&P futures climbed to new highs in overnight trading as bulls continue to maintain their conviction at these price levels. The markets are buzzing ahead of a 2 day Fed meeting, so expect volatility this week.
-> Correlating ETF SPY

Russell 2000 futures look hot as bulls have pushed price to new highs in pre-market trading. The conviction is now clear, and my belief is that bulls will continue to step in over today’s high. This movement should be nicely bullish for small caps in today’s session.
-> Correlating ETF IWM

Gold futures are continuing to reject off of last weeks highs this morning, making a nice move back towards initial support between 1217 and 1199. Watching for any signs of a bullish response once price is in the zone to confirm sentiment.
-> Correlating ETF GLD

Crude oil futures have rejected right off of 54 resistance in overnight trading. Price still has a ways to go before confirming the next leg of this trend, but bulls are working hard to hold their ground at these levels. My conviction remains bullish as long as this daily range continues to hold.
-> Correlating ETF USO

Natural gas futures have dropped further into daily support between 3.013 and 2.9 in the overnight session. It looks like bulls are attempting to step in here driving price off of overnight lows. Looking for sustained conviction this morning to confirm any possibilities of an emerging bounce.
-> Correlating ETF UNG

Happy trading!

Burk

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