The S&P500 Emini futures are currently at 3002, and today and tomorrow will see higher volatility after the announcements by the US Fed on their latest interest rate policy and economic outlook. The market has already priced in 25 basis points (0.25 percent) rate cut.
There are two scenarios for S&P500 movement over next 24 hours (eod today and tomorrow). (a) If the rate cut does come at 25 bps, then there is a chance of profit taking after the US Fed announcement, which can take the futures back to their support level of 2960. (b) If the rate cut does not come, then 2960 will surely be tested and maybe also a lower level like 2900-2920. So in both scenarios, there maybe some price correction. Therefore, Traders should keep light positions to avoid whipsaw moves that can hit stop loss on both upside and downside.
If there is something in the Fed announcement, which indicates increasing strength in the US economy, then market can move up. A clear long trade is possible above 3033.
Buy at 3033 for Target 3063 with Stop loss 3013
At the current level, both long and short trades can create profits. Any sell trade should be attempted below 2960, which currently a strong support for S&P500 futures.