Today is Fed day with markets waiting anxiously for the 2pm EDT Fed policy announcement followed by a Bernanke press conference at 2:30pm EDT. Thus expectations for this morning are a light volume, quiet market and so far, it has not disappointed. Fortunately for us, the ES dropped into the DTG 41.25 within the first 20 minutes after the cash open and unfolded into a new long order flow opportunity. It took a while to play out since the ES had to climb through the VWAP and yesterday’s close (1645.25) in low volume volatility, but small targets were eventually reached (which is all that can be expected pre-Fed announcement).
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