Tuesday, March 16, 2010

Midday Briefing for March 16th: Awaiting the Fed

Going into the Fed announcement, I'm watching the 1149-1150 area in the ES futures closely, as that represented the pre-opening high prior to the morning upside breakout. With only 728 more advancing than declining stocks on the NYSE, that breakout was less than fully convincing, but it has been supported by general strength across other risk assets. The 1152-1153 area has shaped up as near term resistance over the last few days; I'll be watching to see how volume behaves--and how it's distributed at offer vs. bid--should we make a run for those highs.