Last week the S&P 500 Emini futures market continued with the upward rally, pushing past important support and resistance levels, although a late announcement from the Federal Reserve levied some negative sentiment on the market. The Federal Reserve on Thursday kept interest rates largely unchanged as part of a unanimous decision reflecting the bank’s continued attempts at trying to tighten the monitory policy. However, the announcement on Thursday came well after the market had already pushed past the critical 2800 round number and support and resistance level that we had cited last week as an important level for the market. The weakness coming in the last two days meant the market closed just about at the 2800 level which, if turned into support, can allow a fresh Launchpad for buyers early this week.
