Market Update April 29th

Good Morning,

Yesterday the market was mostly sideways and it looks we will get more of the same this morning. Today we have the FOMC rate decision at 2 PM Eastern and the press conference from Fed Chair Powell at 2:30 and at least one of those is likely to move the market. With that and the fact that we are sitting on all time high resistance, I am not likely to take on any new swings today unless I see a really attractive setup off of the weekly watch list late this afternoon. Keep in mind that with FOMC events we typically see a move and then a counter move before we really see a direction. Do not chase these initial algo driven moves and let the true direction reveal itself before taking any post FOMC trades.

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