S&P 500 Daily Trade Plan: A Slow Grind Higher on Historic Low Volume
With the Market Waiting for FOMC, Here's How to Trade the FBD at 6605.50 and the 'Favorite' Long at 6594.50.
SCHEDULED NEWS
Good morning, everyone. Today is Tuesday, September 16th.
Monday turned out exactly as we anticipated: a snoozer of a day with extremely low relative volume, where the market ground higher all day. This is a big takeaway: when we have low relative volume, you default to trend; you do not fade a low-volume day.
This morning, we have our first set of red-tag news at 8:30 AM ET with Core Retail Sales, which will likely give the market a little shake. However, the market is patiently waiting in a drift-higher mode for the big FOMC rate announcement on Wednesday. Let's get right into the levels.
A Note on Contract Rollover
Before we begin, I want to note that I have not rolled over yet. I am still trading the September (U) contract. I will not be rolling over into the December (Z) contract until this coming Sunday for the Weekend Review.