With the Federal Reserve decision and statement this afternoon, we are expecting directionless trade this morning. Market participants tend to flatten out or finalize their positions for the decision, in which the consensus is that the Fed will begin to allow its balance sheet to unwind gradually. How gradual? That's what's going to cause the market to move.
As for prices, the Emini S&P 500 ($ESZ7) is near its all-time highs and trading solidly above 2500. Crude Oil, which was weak all day yesterday, is trading up by more than 1% to $50.50 this morning, while Gold ($GCZ7) has bounced as well from its recent sell-off.
Reminder to everyone in Funded Trader Preparation accounts and Funded Accounts to be flat of any Crude Oil contracts for the inventory number at 9:30 AM CT and to be flat all contracts ahead of the 1 PM CT FOMC Decision.
Here is John Hoagland with everything else you need to know to get trading today.
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