The SPX 500 sits about flat from yesterday’s close on the S&P 500. The 1,225 area came in as a major resistance point in September until it was broken back in October. The 1,225 is now the support level, but would remain cautious because there are no major economic releases today. With yesterdays roller coaster price action due to the FOMC Statement, we could see a short term rally in equities. If Equities rally off of the 1,225 support, expect the USD to lose some ground. There aren’t any major economic releases today, so be careful if we have light volume as any rumors may be able to shift the markets easily in either direction.
