S&P 500: Gameplan For The Fed Today

The Fed meets today at 2 EDT. If you look at the S&P 500 chart (NYSEARCA:SPY) you see that the last three meetings didn't go so well. All three meetings helped the market see big drops.

The Fed needs to get this meeting right.

Two keys investors care about, rates and asset purchases. Whispers have come out that the Fed may ease up their asset reductions and may halt further rate hikes. That can help the market.

In previous meetings though, to the market's dismay Jerome Powell claimed more hikes were needed.

Whatever happens we need the market to guide us. We think the two key levels are 265 and 261 for the S&P 500 ETF SPY. Closing above 265 and we'd expect the market can continue to have follow through to the upside. Not doing it and it's worth it to be patient.

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