The ALSI stayed within the 74,000 to 74,600 range for most of yesterday's trading session. It hit the previous week's high and also touched the previous day's low, meeting both scenarios projected in the weekly outlook.
Today, I anticipate a similar trend with a gap up on open. US retail numbers later could possibly add some more volatility. Some traders may choose to stay out of the market until after the FOMC meeting to gain a clearer understanding of the potential future direction, rather than risk being caught in a position beforehand.
Supports: 74340/74200/74077
Resistance: 74520/74640/74750
Day Pivot: 74310
all levels are based off the futures market
