Tough read again today. I am not seeing much resistance between 1177.50 and 1208.00. This is a wide area to work with. Premise for today is to see 1177.50 minor support holds. If this holds, look for test of 1194.50. Could see range 1177.50 - 1194.50 with a potential contraction prior to the FOMC announcement. I expect an early AM move potentially to test 1194.50. I will look to initiate longs off 1177.50 and 1173.50 as well as longs of higher lows around the 1185.00 area. I will look to initiate shorts off 1194.50 with good structure. I will continue to look to execute at extremes today.
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