S&P 500 Daily Trade Plan: FOMC Day Arrives at the Weekly Target
A detailed ES futures trade plan for October 29th, navigating FOMC volatility near the 6950.00 extension target with key support levels defined.
Scheduled News:
Options VOL Levels:
Good morning, everyone. It’s Wednesday, October 29th, and we have a jam-packed day of action.
Today is FOMC day, with the rate announcement this afternoon. A quarter-point cut is widely expected; the real question is what Jerome Powell says afterward. Is he hawkish? Dovish? His comments will likely be more important than the cut itself. We also have massive Tech earnings after the bell (multiple Mag 7 companies), so expect gyrations.
🧠 Current Market Context
The market continues to drift higher, up 17 points overnight. We have basically met our weekly bullish imbalance target of 6950.00, hitting 6949.00 last night. Many thought it couldn’t happen, but here we are at the top of the extension. Now we need to be careful.
With relative volume low again (-27.5%), the default bias, especially this morning before FOMC, has to be to the trend (up). However, given the major events today and the fact that we’ve reached our major target, caution is warranted. My recommendation: trade the morning session based on the plan, then take the afternoon off, go touch grass, and let the FOMC/earnings dust settle.
