The SPX 500 sits about 8 points higher than Tuesday’s close (as of 8:45am ET). As we head into the US session we have seen the US Dollar pullback/consolidate as it heads into a multi-point resistance area of 10,137 area.
The EUR/USD is off its overnight lows, but the monthly and macro trend is still bearish. Be careful for EUR/USD rallies today because we have FOMC Minutes Meeting at 2:00pm ET. This could cause the USD to break above its resistance point if further “QE” is only on the back burner. Wait for confirmation and don’t get overleveraged as we could see some volatile movement today.
