Review Jan 27th - FOMC Day
The market broke the balance area of both sides of the past few days and left 3 distribution areas. Volume was 2.1m contracts, below average this month. The range was 45.50 points, also below the average and settlement was at 1875.00.
I'm cautious of longs now until the market can hold above last weeks close (1899.25). Overnight I see potential resistance at 1877.75-78.75 & the 84.25-87.25 zone and if that breaks I'd expect it to try and rotate back up towards 1900. Below I'm still using the zones from today's plan below. The 1849.50-53.00 zone I see as highest probability long on first test, assuming no exceptional news.