SPX Update: Fed Day

Today is another Fed day, and everyone seems to be taking it for granted that the Fed will cut rates by at least 25 basis points, given the recent weak jobs report and the fact that Trump has threatened to inflict Jerome Powell with a brand new "even more demeaning" (per Reuters) nickname if rates remain steady.  Some contenders that have been suggested by Sources Familiar with the Matter are "Jerky Jerome" and "Poopy Pants Powell," but nothing official has been announced yet.

There hasn't been much to add to the charts in a while, and that's still more or less the case today.  Near-term, the blue channel is still the first zone bears would need:

Bigger picture, the dual support lines beneath the market are first meaningful support:

In conclusion, Fed days always present the possibility of something unexpected and/or a surprise reversal of market fortunes, so we should stay on our toes just in case.  The first key support zones at least appear to be fairly clear.  Trade safe.