A quiet tape into Fed week
The narrowest daily range in a month, light volume, and nothing broken. Days like this are for cleaning up the watch list, not for trading.
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Nothing happened today, and that is the note. The index traded inside yesterday’s range on the lowest volume of the month. It is the kind of session you get late in a quiet week with the Fed decision next Tuesday.
What I did instead
- Went through every open idea on the watch list and removed the ones where the setup has drifted. That left four.
- Checked that alerts are set at the levels that matter, so I am not staring at the screen all day.
- Re-read my own notes from the last two Fed days. Both times the first move after the statement reversed within an hour. Worth remembering.
Next week
The decision is Tuesday at 2 p.m. Eastern. I do not trade the first thirty minutes after it. The plan is written in the Fed preview and nothing since then has changed it.