E-Mini S&P 500 Futures
FOMC didn't generate the magnitude of price movement I anticipated, perhaps due to the quadruple witching this Friday, but still offered a couple of nice opportunities if you were patient, and entered trades at key levels. Price went through my initial resistance zone (1105.50-1107) during the overnight Globex session and hit a high of 1112. Price couldn't even extend to reach the 1112 Globex High in the Day Session (weakness) though. Price tested the Initial Balance High on the FOMC release, and sold off from there. If you used the mid-point and VWAP to establish bias, you either banked some profits, or at the very least, escaped with a small loss. There were a few reasons to scale out or exit in the 1103-1103.75 area. Selling shut off right at the 1103 Globex Low.
ES 5-Minute Chart for 12/16/09 Includes Overnight Globex