Consumer Price Index and Housing Starts data out at 7:30 AM (cst), and the FOMC Meeting Announcement at 1:15 PM (cst). I'm anticipating range expansion in the afternoon. Many times price will move violently in both directions on the FOMC release. Use the Mid-Point and VWAP/VPOC as your line in the sand to establish bias. On the upside, expecting buying to shut off in the 1117.50-1119 area. On the downside, anticipating selling to shut off in the 1092-1094 area. These are just some rough targets; anything goes! If you're a relatively new trader, best option may be to just observe and absorb the price action so you're better prepared for the next FOMC day. Bias remains bullish above 1100, bearish below it but have to be cautious on the Long side as well since the 60-min chart is currently in a down-trend (possible change in trend above 1109.50). Trade well!
ES - Daily Bar Chart with Volume Profile and Key Levels
Thanks,
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