Key Levels to Watch Ahead of FOMC, $SPY Decision Range Tightens Around $667–$668
DAILY MARKET UPDATE — March 18
• Chart Analysis
• News Brief
• Trade Idea
• Trading Tip
CHART ANALYSIS
$SPDR S&P 500 ETF Trust(SPY)$ is now moving into FOMC positioning after holding the recent bounce off the $662 low. Price is attempting to stabilize here, but we are still in a broader decision range.
PPI came in hotter than expected, with both headline and core elevated. This reinforces that inflation remains sticky and keeps pressure on the Fed heading into today’s FOMC.
Key levels today:
• $667–$668 — must hold for short-term bullish momentum
• $662 — key downside pivot NWOG
• $672 → $675 — upside targets if strength continues
If SPY holds above $667, we can see continuation toward $672 and possibly $676. If we lose that level, $662 becomes the downside magnet, and below that opens the door for a faster move lower. (Remember there are 16 million + puts for Friday)
NEWS BRIEF
The bigger driver right now remains inflation and geopolitical risk.
PPI confirms inflation is still elevated, while ongoing tensions in the Middle East continue to impact energy markets. Higher oil → higher inflation → tighter central bank policy.
This keeps uncertainty high going into FOMC, where the tone could lean more hawkish.
TRADE IDEA
Watching SPY closely.
Order flow is relatively light, showing caution ahead of FOMC. Calls are building around 665–675, while puts are active near 666–670 but with smaller sizing.
This is not aggressive positioning — it’s a wait-and-react environment.
Trade setup:
• Hold above $667–$668 for bullish continuation
• Target $672 → $676
• Loss of $667 opens downside to $662
No confirmation = no trade.
TRADING TIP
Days like today are not about predicting — they’re about reacting.
FOMC brings volatility, fakeouts, and fast reversals. The difference is discipline. Good traders wait for confirmation and follow their levels. If the setup isn’t there, they do nothing.
You don’t need multiple trades today. One clean, confirmed setup is enough.
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