S&P 500, Nasdaq 100 Point Higher Ahead of Eagerly Awaited Fed Meeting

Markets look poised to recover from Monday’s losses as S&P 500 and Nasdaq 100 futures point higher. Get your market update from BrendanFaganFx here:

Markets look poised to recover from Monday’s losses as S&P 500 and Nasdaq 100 futures point higher. With the Federal Reserve set to raise the Fed Funds rate tomorrow for the first time since 2018, markets continue to remain on edge given the current macro slate. Russia-Ukraine tensions, rising energy prices, and now Covid lockdowns in China have complicated the path for risk assets. Despite this, both the Nasdaq 100 and S&P look higher early on Tuesday morning.

S&P 500 futures have fallen sharply over the last week following a test of the 4,313 level. Losses were capped by trendline support, which also marked the overnight lows below 4,140. Price currently remains trapped under the 4,200 psychological threshold, with a key pivot point just above at 4,212. It would appear that markets may remain headline-sensitive, while near-term direction could continue to depend on Russia-Ukraine developments and central bank policy.

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