Today is an FOMC rate announcement day, so remember to be flat by 12 Noon CST today, as you do not want to get stuck in a trade prior to this news coming out today at 1 PM CST. This market is already super nervous and spooked, so any small catalyst could send it strongly in either direction. Wait for the news to come out and then wait on the market to settle down again before trying to take any trades this afternoon.
The market is down to sideways at the moment, but there is an overhead gap on the chart that needs to be filled as well. I see a break of the downtrend and a new low is in place as I am typing this up. Prices are mostly sideways and mixed for now, but they may attempt to fill that gap before the rate news is announced at 1 PM CST today.
Be careful getting short into the lows and watch for any bounce attempts as prices try to fill the overhead gap. We could see more downward action, just be careful and choose your trades wisely.
