Good morning traders. SPYs trading up premarket near the rally highs. I am not getting excited about chasing the market at these prices as recent highs in the market have seen profit taking. I have also started to note that the rally is beginning to narrow, as individual stocks as a whole are starting to follow the movement in the indexes with less correlation.  Today we see FOMC at 2pm. Usually the market is very quiet in anticipation of this news. Today stock selection will be very important. Stay on your toes and look to trade ‘move to move’, having a bias on a day like today usually leads to a big headache.

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SPY  LEVELS

120

119.40

119.11