Pre-FOMC

It’s pretty typical FOMC Drift trade (modest positive bias into FOMC) ahead of the FOMC decision at 2:00 ET and Fed Chair Powell’s press conference at 2:30 p.m. ET. The Dow Jones Industrial Average trades up 0.3%, benefitting from support at the 50-day yesterday, and UNH (+3.3%) hitting its downside measured move target ($490) yesterday. As mentioned…

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