Uggh. What a grind. Some new highs – barely, but on a really tight, low volume range-bound day, even for an FOMC announcement day.
I don’t usually trade these kinds of days due to so much uncertainty and potential swings that’ll take stops without a second thought. But this is ridiculous.
I think we’re just trying to test 1,300-1,310 to see what’s up there and if there are any buyers. The next few days are critical in determining if we continue or pull back the standard 5-10%.
Should be a decent volume day but wait for the best “wholesale” areas to do business – or the extremes. Pivot levels for today:
- R2 -1,303
- R1 -1,298
- PP – 1,292
- S1 – 1,287
Also, if you want to see one of the best in the business, watch HERE. Don’s breaking some new ground and I’m excited to see how this unfolds.
Trade ’em well and trade the extremes!