I anticipate another range bound day today as the market awaits the FOMC results.
I have posted the Pivot Point and Magic Numbers on the Day Trading site for those of you
who are interested. www.lowriskdaytrade.blogspot.com
The market continues to carve out a short term top and we remain short term defensive because of this. I anticipate that regardless of the FOMC meeting results that the market will sell-off.
We also have to be aware of the S&P today as a down close will give a Down Friday, Down Monday pattern which should bring some short term weakness and perhaps sharply so.
I do not anticipate making any short term moves one way or the other until the results from the FOMC give us the short term direction of the market.
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