Pre-FOMC Stock Roundup, Off Lows Ahead FOMC

Stocks trading mildly higher, recovering from late morning lows heading into the FOMC policy annc at the top of the hour, Chairman Powell presser at 1430ET.
SPX emini futures ESM2 currently +13.25 points (0.32%) at 4182.5.

• Despite the recovery from Monday’s low, S&P E-Minis remain in a downtrend. Fresh cycle lows continue to reinforce underlying bearish conditions and Monday’s move lower resulted in a probe of key support at 4094.25, the Feb 25 low.
• A clear break of this level would reinforce bearish conditions and open the 4000.00 handle. 4056.00, Monday’s low, has also been defined as an important bear trigger. On a reversal, firm short-term resistance is at 4303.5.
• Large earnings on tap after the bell: Allstate (ALL), GoDaddy (GDDY), MetLife (MET), Ebay, ETSY.
• SPX leading/lagging sectors: Carry-over support for Energy sector (+1.48) as O&G shares outperform energy equipment and servicers. Similarly, Utilities gaining (+0.94%) as independent power/renewable electricity names outperform gas and traditional electricity.
• Laggers: Real Estate sector (-1.13%) underperforms continued weakness for Consumer Discretionary (-1.59%) as autos that had been supporting the sector shift into reverse.
• Meanwhile, Dow Industrials currently trades +13.25 points (0.32%) at 4182.5, Nasdaq +10 points (0.1%) at 12573.8.