IIFT Daily Note with Peter Brown

All eyes on the Fed.

Posted by:  |  Time: 7:47 am  |  Topic:
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FOMC this evening is dominating sentiment. As we always say don’t be short into an FOMC. This was the case yesterday with a good rally to 1437 on the S&P. It was helped early morning by the German ZEW result.

We expect more stimulus from the Fed this evening so we cannot short today. The market will react this evening so be square into the meeting.

Tec levels are hard today as we broke through all resistance yesterday. Euro 1.2975   1.3020 is the tight range. S&P 1435  1421

Bias to the upside but we need a pull back to chesper levels first.

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