Daniel.B

Rangebound Trading Till FOMC

AMEX:SPY   SPDR S&P 500
93 0 7
Markets remain quiet for the most part as it awaits the outcome of the FOMCs meeting this week. Trading within a tight range on declining volume between the 235.7 - 237.94 handles.

A break on volume below the 235.0-.72 area would signal a heightened potential for a 2% - 5% pullback to lower previous higher lows seen for the current year.

A break above on volume the 237.94 handle would signal the potential for a retest of YTD highs at 240.31

Trade smart and with a plan.

Cheers. =)
Komen: Update: Almost near to FOMC time. Market trading at the upper band of the weekly range on light declining volume.
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Komen: Price has broken the upper level of the range on volume. I've highlighted a potential dip buying opportunity for either a day trade or 2 day hold swing trade (I prefer to not hold over the weekend on this trade if entered). If I enter a swing trade it'll be with weekly options next week expiry trading at the entry strike (ITM) -- I don't day trade OTM options.
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