The video below reviews the market outlook for FOMC tomorrow.
Market Outlook for FOMC
There are a lot of markets that are either overextended or at an ATR on the higher timeframe. For example, Gold is at an ATR on the daily chart with decreasing selling volume on the 180 minute chart. This indicates that Gold could go up later in the week.
The e-mini S&P 500 is at an ATR on the 180 minute chart and the stochastics is at 92 — extremely overextended to the upside. I would anticipate a reversal bar to the downside today with at least a test of the ATR on the daily at 2411.68.
The e-mini Nasdaq is also at the ATR on the 180 minute and the stochastics is at 95 — again extremely overextended to the upside. I would also expect a reversal bar to the downside today.
The mini Dow is the only one that does not have a clear setup. On the 180 minute chart, the stochastics is only at 78 but a reversal bar is in the process of forming now. The daily is struggling to make new highs so it may go down to the ATR on the daily for a test of support. That ATR is at 21006.
In this video, Gail Mercer, founder of TradersHelpDesk, reviews her market outlook for FOMC quad meeting tomorrow on Gold, mini Dow, e-mini Nasdaq and e-mini S&P 500.