The FOMC started their 6 week meeting today to conclude with an announcement and Bernanke press conference tomorrow. QE tapering is expected to be addressed and mostly likely started. Most major market players don’t want to make a commitment until the uncertainty of the Fed is out of the way. I warned in chat this morning that I’m expecting a low volatility day once the morning shakes out as the markets wait on the Fed.
The ES started slowly climbing pre-market until around 10am EDT reached and bounced off the DTG 97 level. As the ES tried to retest the day’s high, a short order flow opportunity unfolded. Unfortunately, that was all the volatility we got for the day. The ES went into Fed wait mode and could not break the VWAP and spent the day in a 3.25 point range.
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