S&P 500
The S&P 500 fell during most of the day on Wednesday as we await the Federal Reserve statement. Quite frankly, there’s probably not much in that statement that’s going to move the market, and quite frankly I think it’s only a matter of time before the buyers come back in, perhaps closer to the 2800 level, or even the 2790 level. Expect a lot of choppy and sideways action between now and the jobs number, so with that in mind I would be a short-term range bound trading more than anything else as today could be very ho-hum. If we break down below the 2790 level, then we might go looking to much lower levels, perhaps 2740. If we break out to the upside, then the 2840 level would be targeted, followed by the 2880 handle.
NASDAQ 100
The NASDAQ 100 was also relatively quiet awaiting the announcement, with an obvious support level at the 7200 level. I also think there is support at 70 107,000. I’m looking for a buying opportunity, it will probably do so off of short-term charts. The market is very well supported various levels underneath, so there’s no need to fight that attitude. I don’t think we’re going to see a major change in attitude anytime soon, and unless the jobs number is horrific. At this point, I think this is a simple pull back from the 7500 level, an attempt for the market to build up enough momentum to finally break above that level and go much higher. If we were to break down below the 7000 handle, that could change some things but right now it doesn’t look like there is a major threat of that happening.
