Well, I'm not too happy about the continued move up yesterday. It's pierced through more then I expected, and with the FOMC meeting tomorrow I have to wonder if I missed something? These big FP's do pierce by some small amount but they usually produce a turn by now. I have to be open to this one failing at this point (first one I've seen in a decade or more that I can remember), and if it does then the FOMC meeting will trick the bears with a squeeze to 6800+ (ES) into Thursday (maybe Friday?) to kill every bear left alive... especially those expecting the Fed to cause a big drop.
It should still happen but we might see a bear squeeze first as the news of a rate cut is viewed positive from traders. I have to admit that most (probably 80-90%) of all FOMC meetings produce green days the Thursday and Friday that follow them. It's always the week afterwards where "turns" can happen. Plus this is a Quad Witching OPEX, and that could be another reason to keep the market up higher until all the puts expire in the various option classes. I didn't think about this as I have been so focused on the 655.66 FP to get hit, so I could be wrong here? If we go sideways and sell off after the meeting then it's still a success but if we go up after it then I will be wrong and 6800+ into Friday is likely.
Have an blessed day.
