Fed Day

Yesterday’s trade was relatively quiet ahead of today Fed announcement and following a wide-range day Monday. Traders seemed fairly content to take a breather. Early probe lower to prior settlement found lack of willing sellers, reversing price back higher only to probe for buy stops above the open range high zone to the edge of yesterdays stated STAT-X Zone at 1874.75.

Early morning trade is very light within prior day’s range. The current bias is slightly bullish as long as yesterday’s low marker continues to hold. We are anticipating relatively light trade into the 2 pm ET announcement.

Overlapping STAT-X Zone and Three-Day Central Pivot Zone (3D CPZ) between 1863.75 – 1865.25 marks initial support, with more important zone 1857.25 – 1854.25 should price auction that low. IF price can penetrate PDH and convert, THEN upside targets measure 1879.75, 1883.50, with more important extreme zone 1886.75 – 1889.50.

Stay Nimble…ALWAYS USE STOPS!

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Good Trading…David

Habitude Six
I am at peace with uncertainty. I know there is no such thing as a sure thing. I have no particular need to be right. I understand that being perfect has no place in trading. I am flexible. I am willing to change my mind. I am alert to scenario changes. I accept the information that tells me I am on the right track or on the wrong track.

 

 


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