Pre-open eMini SP 500 Morning Report 3.16.10

This is a guest post from Precision Capital Management

The Precise Take – Equity futures back up to highs ahead of FOMC Announcement

Leaders Analysis:  The leaders are mostly consolidating ahead of today’s announcement.  Notably, gold is up and the EuroYen has a bit more room to advance to resistance.  Accordingly, the leaders are slightly equities bullish.

Medium Term Analysis:  The levels we were watching yesterday were 1140 and 1147.  After the ES traded below 1140, it looked like the chances of the rally continuing were diminished.  However, the strong rally and close just under 1147 kept the rally strong.  Ideally for longs, the ES would clear monthly R2 at 1152.75 prior to close.  Even if the expected profit taking occurs post-announcement, it would…

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