Boredom Continues
The equity index complex continues to trade in a tight range as volatility contracts before the FOMC meeting adjourns Wednesday. Even some negative news from CSCO could not hurt the market as buyers — albeit on the light side today — continue to push the market higher in a very choppy one way direction.
I personally am not trading until Wednesday afternoon’s announcement. With the inability for the market to trade out of ranges, I think the safest place is on the sideline. As for today — do not fade a dull market is the old adage. Keep looking for the market to penetrate resistance and move towards 1375. Any close above 1369 is moderately bullish.