Stocks Range Ahead of FOMC
Updated
The S&P 500 is ranging near relative highs. We broke out into the 4000's, but fell short of 4009. Several red triangles on the KRI are confirming strong resistance at these higher levels. We have some support from 3909, and a break down could take us back to the mid 3800's, likely 3848 or so. A rally could test 4009 again. We expect the S&P to respect this range, and don't expect too much action from the FOMC today, as the markets have largely priced in a 75bps hike to combat inflation with a small probability of a 100bps rate hike, the largest hike since 1989.
Note
As discussed in the report today, the S&P 500 remains virtually unchanged after the fomc announced a 75bps rate hike. We are still holding the range, despite some volatility which tested the upper bound.
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