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Good Wednesday morning,
FED DAY!!!
As the sign above says, “VOLATILITY AHEAD!” At 2:00 p.m. EST, the Fed will announce its decision on interest rates, and at the current time, there is a 100% chance that they will lower rates. The question now is: will it be 25 bps or 50 bps? Market participants already have this cut baked in; however, the language Fed Chair Powell uses at 2:30 p.m. EST will be what the market cares about now. Further cuts? More hawkish? More dovish? Get ready, friends!
📊 In the profile pic and key levels below, futures are close to some very key levels, so please take note. If price stays below the POC at 6,668.50, then the bears will have the edge for further liquidation, and lower targets will be in play at 6,615–6,605. If buyers take price back over 6,668.50 and then move over 6,674–6,676—which have multiple important references for us to watch—then this means bulls are right back at it. Look for upper targets at 6,715–6,725.
N.B.: With the Fed announcement today, volatility will spike, and the moves will be huge and violent. Please stay safe.
Futures are currently trading at 6,664 at the time of this writing.
🧭 VPOC Update: No new VPOC's added or taken out yesterday, so we still have 9 below the current price, with none above.
Current VPOCs: 9 BELOW! (based on new Z contract)
- 6,645.00
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,715 - 6,725
Key Levels: 6,668.50 POC
downside target is: 6,615 - 6,605
/NQ upside target is: 24,725 - 24,750
Key Level: 24,536 POC
downside target is : 24,325 - 24,300
/RTY upside target is: 2,470 - 2,480
downside target is: 2,385 - 2,375
Economic Data : Red Star Events
Housing Starts and Building Permits @ 8:30 a.m EST
Crude Inventories @ 10:30 a.m EST
FOMC Announcement @ 2:00 p.m EST
Fed Chair Press Conference @ 2:30 p.m EST
More Color By : Rich Rickus
Have a great day!
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