FOMC Chop

The FOMC statement on future quantitative easing and interest rates comes out at 2:15pm EST. Until then we're just going to chop around in a 2-3 point range. Some other news is out at 10AM and that may stir the market up a bit but overall I expect ES to be contained below 1193. If the news at 10AM is particularly bad, ES may drop to support at 1182.

In the history of FOMC statements, the initial reaction is a fakeout (generally to the downside) and lasts ~5min, then the second reaction jolts the market in the opposite direction and the trend lasts for the remainder of the day. The day following the FOMC is usually in the direction of the initial reaction. I'm betting we drop initially, rally into the close, and drop tomorrow.