News: FOMC meeting begins, Existing home sales @10AM
Trade plan and Price action analysis: (Price action) Yesterday was a low vol up day and remained inside of the balance area and most recent past few days balance area as well. The market isn't in a hurry to get out of this area. Globex has traded higher in the overnight session showing that buyers are still in control. Globex tested the 1281 level that had been a target for a while now.
(Trade plan) Today we have FOMC meeting begins and I'm not expecting too much to develop today. I believe the boarder market will be waiting for the FOMC announcement tomorrow and this could give us another low vol day. We do have existing home sale today but i don't think that release will have any impact on the market. We are still in a balance area and the market has been chopping back and forth inside of it. Globex has traded higher testing the 1281 area. The control is still in the bulls hands and we could see higher prices today but like i said i believe this will be limited action. I will be looking for opps at my support and resistance levels on the chart as I'm expecting a balanced session today.
