Market Watch: FOMC Day Strategy and Key Stock Levels

Summary

With the Federal Open Market Committee meeting today, markets are showing caution after hitting all-time highs in semiconductors, with the SMH pulling back to fill its gap. Key events include core retail sales at 8:30 AM EST, Trump speaking at 9:30 AM, and the FOMC statement and press conference at 2:00 PM and 2:30 PM EST respectively. The speaker advises a hands-off approach pre-FOMC, anticipating larger moves post-announcement. For QQQ and SPY, key levels to watch include Monday's lows and previous day lows, with a potential gap fill noted. SMH is rejecting previous all-time highs. Individual stock analysis highlights Tesla consolidating around $412, Nvidia rejecting $210, and AMD showing a potential cup and handle pattern above $500. Apple and Google are showing buyer interest, while Microsoft shows weakness. SpaceX is volatile with key levels at $212 and $196. The stock market will be closed this Friday for Juneteenth. Tomorrow is expected to see volatility, especially following the FOMC statement. Focus today is on opening range, previous day lows, and potential bounce plays on semiconductor stocks like MU, SNDK, and INTC, with WDC and MBIS showing strength.