Pre fed levels from point and figure sp 500

Will they go for the gusto, .75 cut with a big market push and take the markets through the two resistance lines,

or

a weak .25 cut that drags us to 1260 and delivers the bull a kick to where it really hurts.

We shall see.

FED rates for tomorrow.

U.S. Treasuries fell a second straight day as a report showed orders for durable goods surged last month, fueling speculation Federal Reserve interest-rate cuts will help bolster the U.S. economy. Notes also declined before the Treasury's auction today of $14 billion of five-year securities, the most since 2006, after demand waned at a two-year sale yesterday. Traders expect the Fed to lower its benchmark interest rate by at least a quarter- percentage point tomorrow, futures contracts indicate.

The yield on the benchmark 10-year note rose 10 basis points, or 0.10 percentage point, to 3.68 percent as of 11:18 a.m. in New York. The price of the 4 1/4 percent security due in November 2017 fell about 7/8, or $8.75 per $1,000 face amount, to 104 20/32.
Traders see a 72 percent chance of a half-point Fed rate cut to 3 percent tomorrow, down from an 86 percent likelihood yesterday, futures on the Chicago Board of Trade show. Policy makers, who lowered the target rate for overnight loans between banks by three-quarters of a percentage point on Jan. 22, begin their two-day meeting today. The rest of the bets are on a quarter-point cut. The chances the Fed will drop its rate to 2.75 percent at its meeting on March 18 are 61 percent, down from 67 percent yesterday, futures show.

SP 500 daily Holding back the flood Jan 29

Stimulus Package holding back the flood.