US S&P 500 futures are lower by 0.12% this morning, and Nasdaq futures are trading near the flat line as US investors brace for the FOMC meeting and ensuing Press Conference with Fed Chairman Powell, at 2:00 pm ETS this afternoon. EU markets are trading sideways for the 5th day in a row, looking for US guidance while Asian markets traded mostly higher, the CSI 300 closed higher by 0.56% and the NIKKEI closed higher by 0.21%. The US dollar index trades at the 91 level this morning, flat on the day and the week and lower by 3% over the past month. Most other FX markets are trading near the flat line. Gold and Silver are trading lower ahead of the Fed, Gold trades at $1,770 per ounce, down 0.61% and Silver trades at the $25.87 per ounce, down 1.22%. Oil Inventories numbers will be key for OIL investors today, as OIL prices are trading at the $63 per barrel level, marginally higher on OPEC expectations for a solid recovery in demand worldwide. On the negative side, Asian demand is now tempered by India’s Covid-19 surge, and the increased buildup in US inventories may pressure prices, as predicted by the American Petroleum Institute, ahead of the Inventories numbers set to be released today at 10:30 am EST.    

US OIL Inventories at 10:30 am and the FOMC Statement and Press Conference at 2:00 pm are the important news on the agenda Wednesday, (all times EST).

Global Markets 24 hours wrap-up
1 YEAR41.61%17%37.59%36.6%46.94%33%
Swing report
S&P5004,1823010028/44,100NEW POSITION
OPEN PROFIT  $100   

S&P 500 futures are flat ahead of the super important FOMC meeting at 2:00 pm today.

OIL trades at the $63 level this morning ahead of major news: the Inventories numbers at 10:30 am and later on the FED meeting and ensuing press conference.

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