S&P 500 Index Futures In Rally Mode Despite 'Patient' Being Removed From Fed Statement
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
S&P 500 index futures were ripping higher by 21 points at 22 at 2088.25 on Wednesday afternoon. This is taking place despite the word "patient" being removed from the Fed's statement regarding a hike in interest rates.
Interestingly, the index made its low for day at 2052.25 minutes before the announcement was made as bearish bets were being on the index. When the word "patient" was removed but the index did not react in kind, shorts were scrambling to cover and the index went into orbit.
See Also: Fed Statement Live Blog: The FOMC, Janet Yellen And 'Patient' Mania
It easily surpassed Monday's high (2074.00) and sliced through the remainder of the 2070 and a good portion of the 2080 handle before pausing. At time of writing, the index was attempting to find resistance at the 2090 area. That represents the highest level for the index since it put in a pair of highs on March 5 and 6 at 2096.
Shares of the SPDR S&P 500 ETF Trust (NYSE: SPY) spiked sharply and recently traded at $210.26, up more than 1 percent.
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