FOMC Day

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ES is presently in the void I posted about yesterday between 1414.50 and 1398.25.  This is exactly the place I would go if I were pulling the levers.  On the chart above one can see that 1414.50 is acting as resistance, as expected.  I have drawn in a light gray trend line that shows where the most aggressive bears are trailing stops ahead of today’s FOMC announcement at 2:15 pm (New York time).  http://www.bloomberg.com/markets/economic-calendar/

In the VST and ST, the trends are down under 1416.50, but would reverse on a push above.  Still watching for signs of the pro’s boot coming off the bulls necks.  A break of the light gray trend line would be the first place where buy/buy to cover stops are entered.

I have again drawn in the potential bearish trident channel along with the next downside targets if we don’t get a reversal today.  Stops and Target’s new ST primary trend line at ES 1416.50 should continue to work as the VST bull/bear line here.

The pros are very good at what they do, and yet again we have ES sitting at a point of maximum pressure ahead of the FOMC announcement.  They do have a flair for the dramatic, don’t they.

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Let’s take a look at the ‘Big Picture’ ahead of today’s announcement.  These are some of the factors being considered by the FOMC as they continue to engineer a course…

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