ES Morning Update January 30th 2019

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Yesterday's move up screwed that nice setup where we'd rally today decently to strongly for another wave 2 up or 5th wave up. Now it's back to guessing, which is what we all do anyway, but usually with better odds. Today I have no strong odds for either bulls or bears but I'd lean slightly toward the bulls as it just feels like they want a stab at the 2720-2730 resistance zone. But odds aren't high enough for me to take a position so I'll continue to wait for a better setup. Today is the FOMC meeting so that suggests traders will be waiting until 2pm EST to hear what Powell says about going forward. Years back we would see wild swings up and down after the meeting but I haven't seen that in a long time now. This past year the FOMC days were quite calm both before and afterwards. But something is likely to appear in the next few days to give us some kind of high odds trade. Until then I'll just have to remain patient. That's all I have for today. Good Luck.