Good morning traders. Market is up slightly overnight following a very strong session yesterday. Typically after a trend day the following day tends to see consolidation in the morning session.  On the open I will be much more inclined to take quick momentum profits than usual. I am also going to be looking to buy quick dropouts to afternoon support in yesterday’s strongest stocks. I want to remind traders that the FOMC decision is today at 2:15 pm, usually the market gets very quiet before this announcement.  In terms of upside resistance in the market, there really isn’t much until 1,160 on the S&P. While we are extended in the short term (particularly tech) there is no reason to fight this momentum.

Follow me on Twitter @JoeP_SMB

S&P Levels

Resistance   1140

Support        1132.25    1130