Yesterday saw a brief move down to the 2072 breakout level from Monday, and this was quickly rejected. The vast majority of time was above the overnight high and after a balanced first hour and a half, the trend moved higher to close the gap and move through the value area of last Friday, building most volume at the upper range.

The overnight market has continued higher forming a range between 2088.75-2096.50 versus settlement at 2089.00. The much anticipated FOMC statement is due at 1pm ct, with a press statement at 1.30pm ct.

A look at the 4hr globex chart shows the current range from the swing low on May 7th to date with a custom micro-composite volume profile (left) and the composite volume profile (right), together with zones of interest. The market has clearly moved back into the high volume area ahead of today's announcement.

A zoom in on the 60 min chart gives a clearer view of the zones, HVNs, LVNs and anticipated reaction off the zones. The purple line is the micro-composite volume point of control (mcVPOC) from the current range. I'm totally neutral going into today and expect to see balanced activity ahead of the statement.