E-Mini S&P 500 Futures
Typical choppy price action ahead of the FOMC announcement. Despite the lack luster pace, there was structure in the (few) moves that materialized today. We got a nice bounce at 1103.25 in the morning (last night's post anticipated a bounce in the 1101-1103 area). From there, ES put in the high of day at 1109.50 (1109 was yesterday's IB high). Price remained under the Mid-Point and VWAP in the afternoon session (bearish), and we saw an acceleration in selling activity once price broke below the IB low. The down move was rejected with a quick move back towards the mid-point into the close.
ES 5-Minute Day Session Chart for 12/15/09
The triangle break-out I posted about last night worked out to the upside and reached the 138.20-161.80% target zone.
CL - Hourly Chart
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