Stocks have been bouncing around overnight, with the futures up and now down. Meanwhile, shares in Europe are all down slightly. But none of this matters at the moment because everything is likely to change later today after the FOMC meeting. 

Again, I don’t envy Jay Powell, as he has an incredibly tough job, and his day will not be easy. He has come a long way since that December 2018 meeting that saw the market meltdown during his press conference. I’m not suggesting the same happens today, because I have no clue, but what he has to say is very important. Also, what will be important are those dot plots, and what the Fed sees for the rate of recovery for the US economy. 

Remember, this is a quarterly meeting, so there are a few extra details that will come out today, that we usually don’t get. So will the Fed project a “V,” “U,” “L,” or “checkmark” recovery?

Watch the Yen. It tells a story.

S&P 500 (SPY)

S&P 500 futures stalled out for the second day in a row around 3230. Keep an eye on support at 3,190; if it breaks, it forms a short-term double top that could result in a decline to 3120. 

DAX 

The German DAX is also at an important support level at 12,400. 

Dollar

The dollar continues to decline and is sitting on support at 96. That is a significant level. 

Cisco (CSCO)

Cisco was downgraded to Neutral from Outperform at Baird; the firm keeps a $48 price target. The stock has recovered nicely, but it does find some strong resistance that appears to be reasonably healthy around $48.25, with potential room to rise to $50.25, and a gap fill.

Exxon (XOM)

Exxon is falling today, along with the price of oil. I noted the other day some bearish options betting in this one, with the potential to fall back to around $50, and even as low as $48. 

Chevron (CVX)

Chevron doesn’t appear to be all that different with support around $87.50.

Anyway, that’s all for today. I have to get out early today.