News: FOMC meeting announcement @ 12:30 PM
Trade plan: ES yesterday broke the top of the bigger balance area making new highs on the year. We spent the day establishing value above the 1337-1338 previous high of year. Globex has now traded in a range before the cash open. My expectation today is for ES to balance in a range before the FOMC release at 12:30PM. I will evaluate the reaction at that time to decide the direction i want to trade in. Over all ES is very bullish at the moment and buyers are in full control still. If the buyers can't manage to keep ES above the 1338 level we could see a FB type scenario and a possible retest of areas inside the range. I will be patient and follow my rules and if nothing sets up then i don't trade.
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