Yesterdays action went according to the plan with rotation from the 81.5-83.50 level and failed to break the 68 we mentioned. Therefore today going into FOMC we are really unchanged from yesterday.
Today ES may chop around into FOMC again as long as we don't see weakness under the 68 area.
We are using 72-74 as todays bull bear zone and above here ES can go on to test 79-81 where we could see sellers step in on a good intraday setup. If ES can get above here then the next hard resistance is at 95-97 which we could test on a bullish breakout from FOMC, we then have 03.25-05.25 which could easily be reached during FOMC.
Below 72-74 ES can go down to test 48.25-50.25 where we could see buyers step in on first test Pre FOMC. If ES opens below 74 and trades lower then we could reach 50.25 early on in the trading day. I wouldnt expect us to test 35.25-37.25 until FOMC numbers.
In Summary buyers must take ES back above 74 for them to avoid going lower into 68 and then finally into 50.25-48.25. Zones further than these can easily be reached during FOMC.
Trade Cautiously.
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