Intraday Digest: Uncertainty Pressuring US Equity Market

Intraday Digest S&P Futures (CME, ES)

Investors have been waiting for news today, but there is not much signal sent out. Uncertainty toward Fed interest rate decision coming out tomorrow, as well as the uncertainty toward automaker bailout plan have been puressuring the market. E-Mini S&P Futures have dropped more than 3% to 858 level at 15:15PM EST. We will see if the 50% Fibbonacci level will give some support. But I do not think it will go much lower given that we are most likely to get some interest rate cut tomorrow.