I wanted to give everyone a heads up on a time change for the announcement from the FOMC meeting. The announcement is usually released at 2:15 P.M. EST, but they have moved it up for Wednesday April 27, 2011 to 12:30 P.M. EST
There can be volatility after these announcements are released. Even when its expected that there will be no change to interest rates there can sometimes be something unexpected in the language and that can cause adverse and strong price movements.
In our trading room it is our policy as short term traders to be flat before these announcements.
Best wishes for successful trading!
Here is a new short video to update you on these indexes. http://www.instantpresenter.com/tradinglive/E056DF8087 I hope to see many of you in Las Vegas this week. I will be speaking on Friday November 19, 2010 at 8 AM on Harmonics and at 1:15 PM for the CME Group and MF Global on the ABCD Pattern.
If you would like to say hello please drop by, I will also be at the Wiley and Sons Booth for a book signing at 9:45 AM.
Today is election day and start of 2 day FOMC meeting. The SP has been continuing to trade up at the deeper retracments on the Daily chart, and is around the .886.
There has been a lot of sideways trading where the price on intraday basis is forming coils within the larger parallel channel.
We are continuing to monitor for signs of breakout in either direction. If price trades higher then 1200 - 1216 will be next levels to watch on the upside. Above 1216 and a larger daily pattern may be forming.
1167 - 1169 is a good area on the downside to monitor for signs of a downside breakout.
Best wishes for successful trading.
Leslie Jouflas www.tradingliveonline.com