The markets closed higher today as we close in on Thursday's highly anticipated FOMC statement. We don't expect the markets will be able to sustain a move outside of support or resistance levels until Thursday's announcement. We do, however, expect some market volatility as we approach Thursday's event.
Overall, we are slightly higher for the week. On Monday, the markets closed slightly lower (less than 1/2%) and on very light volume. Today, the volume did increase (but not by much) as all three majors added over 1%.
The focus is on Thursday's FOMC statement. There isn't any benefit to loading up on new trades until after the announcement. We need to watch the market's reaction Thursday, then look for triggers Friday or even Monday. Don't try and trade the announcement. Stay patient and make any adjustments you need to tomorrow to prepare for some volatility come Thursday and Friday.
Have a great night,
Maverick Trading
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
