Seems we are moving higher again today on the indexes. We are back near the breakout levels from the previous highs but need to get much higher for this to hold. Here’s the intra-day chart as of now.
Today, all eyes will be on the latest announcement on federal economic policy, scheduled to be reported by the Federal Open Market Committee (FOMC) at 2:15 pm EDT. While no change in the Fed Funds Rate is expected, we all will be paying close attention to whether or not the Fed drops the verbage of keeping interest rates low for an “extended period” of time. Volume recently has been low and I would expect traders are waiting to hear the news first.
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