Premarket: I was not able to trade yesterday but it looks like we moved down a total of 40 points after being stagnant all morning. Today we have the FOMC statement release at 2:00 p.m. which likely will cause some sort of movement. The pivot points this morning as follow: 0pivot at 4178.25, +1pivot at 4203.5, +2 pivot at 4248, -1pivot at 4133.75, -2pivot at 4108.5. There are a bunch of levels of interest around the area we are in again as follows: to the upside: 4150, 4155.25, and 4166. To the downside we have 4140.75, 4132.5, and 4123. We are opening below VWAP again, with a pretty strong downtrend in the premarket. I would like to see a pull-up for a continued move down.
Trades: So at the opening we had a move down and then a slight pull-up. The TICK/ADD/VOLD were all screaming downtrend and were massively red. While I took this fairly early in the day, all the indicators and price action were strongly showing that this would continue to sell off. I got in the trade risking the high of the opening candle, and while I was red for a little, the trade moved in my favor nicely afterwards. Ultimately I did leave some money on the table, but I had another engagement at 10:00 a.m. so it was nice that my OCO hit for profit. My profit level was a key level of support from late last week. This was overall a great trade.