Market Notes

Good Morning!

The market is opening relatively flat this morning around yesterday's highs. After a massive 2 day sell off, VIX is consolidating back around the 21.50 area.We have support below at 21.3 with the next previous high at 20.00. Above we have 21.86 followed by 22.55 & 23.60. FOMC starts at 2pm EST today, this may cause unfavorable price action until that data drops.

Upside: We are currently in a range between 4023.25 & yesterdays highs at 4043.25. Above yesterdays highs we can look for continuation towards 4061.50 & 4075.75. Only other long interest I would have is a strong hold of 4002.

Downside: For me to be able to short the current daily structure I would need to see some sort of failure to go higher. A push above 4043.25 and rejection would catch my interest in shorts. We do have 4023.25 slightly below as well as 4009 which is last weeks highs and should act as a strong support as well. Under that we can start to look for 3972, & 3945.75.