There is an FOMC announcement this afternoon. I have 2 scenarios to watch for today.
Scenario #1 is for a range to form between 899 and 886.50 until the announcement. There will likely be a breakout up or down this afternoon. Major support is at 874 and major resistance is at 924.
Scenario #2 is at attack of 899 in the AM and an extension and grind towards 924. I do not think the market will make it up there by the announcement. If this scenario plays out, there will be a possibility of an afternoon selloff back down to 886.50 for a test and possibly an extension down.
Good luck trading.
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