Stocks Pulling Back, Awaiting FOMC
Stocks have retraced from relative highs at 4009. We have several red triangles on the KRI indicating some stiff resistance at 4009 and 3978. Volatility has consolidated quite a bit, which is understandable before the FOMC, today. Note that some sources are predicting a 100bps hike, but it should come in at least 75bps. This is largely priced in, but we should anticipate some volatility either way. We should have support at 3909 or in the 3800's. If we are able to break out we must first definitively break 4009, then there is a vacuum zone to 4068.
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