Futures Roll, CPI, FOMC On Tap This Week

Chop ahead of the news?

Technical Edge — 

• NYSE Breadth: 36% Upside Volume 

• Advance/Decline: 28% Advance 

• VIX: ~$24.25

Chop day on the way? With so many big events in the next 72 hours, I wouldn’t be surprised if today — along with the futures roll — creates a very bumpy, frustrating trade.

Keep that in mind if you’re wading into the water today. 

S&P 500 — ES

As you can see on the right, the ES continues to hold the 10-week and 21-week moving averages and the 3920 to 3940 area. 

As you can see on the left though, the ES is struggling to regain the 10-day and 21-day moving averages. 

On the upside, keep an eye on 4000. Clearing this key level puts it back above the daily moving averages and puts 4024 back in play, followed by 4040. 

On the downside, 3955 to 3960 is support. A break of this area opens the door back down to 3940, then 3920.  

SPY