Morning Update: 1/25/2012

 

8:33 am…

The market indices had a down day, most of which in the  first few minutes, with large gaps down. They then snapped back to resistance twice in the morning at 2445 on the NQ, and the ES snapped back to 1316.75 They pulled back, retested successfully, and bounced again, but couldn’t get back to resistance on the NQ. ES did make some nominal new highs, backed off in the last half hour, but came on in the last 10 minutes.As I write this update the ES is still within a balance area formed from 1/20 and is at the lower extreme.  FOMC MEETING TODAY.

Yesterday I had one trade 6C_F

6c this was  a top setup in which price has broken below a balance area and can not get above that balance area.  Taerget was a ABC projection low from a 5 minute chart. Trade worked out very well!

Will be taking it light today with FOMC.  Starting not to trade on FOMC meetings or any major economic release for that matter!.

Olof Thomas

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