Today I expect action in the areas 1374-1387/1388 (black box marked). FOMC day notorious for buy the rumour / sell the news or just buy the QE3 rumour if things look bad.

Possible gap close on 1374.25 with initial upside capped again at 1381/1382 and then a move to 1387/1388

Rationale for upside R at 81/82:

Overnight VPOC 1379.5 near HVN 1377.25 – session hit upside R at NVPOCS 1381.5/1382.5, LVN 1383.75 area nearby.

I expect similar resistance in this area during RTH

Above 81/82 = NVPOC 1386.75,1388.5 and HVN 1388.25

Below here – expect support 04/19 vpoc 1376.75, cash gap 1374.25

Failing 74/76 = lvn and key sr area 1369.5/1371.5 (updated to add 04/24 levels) 1368.25 cash gap, 1369 VPOC


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