I don’t have much to say about the price action today. There has been a drift upward since the open to the bottom edge of a small consolidation from yesterday between 4049 and 4060. My bias is for there to be a range between 4049 and 4017 pre-FOMC statement. Over 4060 allows for a continuation up to 4085 or even 4130. Under 4017 opens the way lower to 3965 or even lower. Yes, my bias is lower but I’m planning to let the market settle out and pick a direction. Remember, there could be multiple moves today as one can take place on the statement and another in the Q&A portion of the press conference.
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