FOMC Day

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Today we get the FOMC Meeting announcement at 2 pm and that should set up whatever silliness the pros have planned into year-end OpEx on Friday.

 

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Next VST resistance targets above are at 2057.75 and then the descending VST trendline currently near the 2064 area.  Compressed trading range tops would be next at 2087.75 (VST), 2097.25 (ST), 2102.50 (IT), and 2109.25 (LT)

The stop sweep/reversal at 1990.75 set up the most recent provisional low at 1983.25 and that becomes the bull/bear line going forward.  Downside targets underneath that line are: 1974.75, 1976.25 (open gap on daily bars), 1956.50, and then 1943.25–which lines up with rising intermediate trendline support.

The ongoing theme going into OpEx has been sideways meandering within the ST range.  The center of that ST range is at 2044 ((2097.25 – 1990.75)/2 = 2044)…which is where price is at as I type.  Gosh, what a surprise!

Let’s see if the announcement shakes things up–or if they continue compressing into OpEx.

…my .02

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