S&P 500 (CME:ESU14)
Looking for a range day similar to yesterday.
The S&P 500 has shown signs of stabilizing ahead of the conclusion of the two day FOMC meeting tomorrow. The market has stretched slightly higher into this morning after holding the 1919 low which matchedFriday and was slightly higher than the 1917.50 put in Thursday. Furthermore there is a topside resistance trend line from March 7, which now comes in as major support and aligns with our major 1917-1919 level. The line in the sand is put in on the week here. However, with the market stretching higher, traders and investors want to use 1938-1940.50 as major resistance on the week; the market must close out above here to keep the bulls in immediate term control. CPI inflation, building permits and housing starts will be closely watched this morning to help keep this slightly bullish momentum into the market. A close back below today’s pivot of 1929.75-1931 will keep the market into a consolidation ahead of tomorrow.
Resistance- 1938-1940.50***, 1947.25**, 1954*, 1998.25****
Pivot - 1929.75-1931
Support –1924-1926*, 1917-1919***, 1911.50**, 1904-1906**, 1898.50-1900*, 1891**
[Ed Note: Each trading day going forward, traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.]