This morning our test showed a likely Short Bias on FOMC day following an opening Gap Up. But now at 3pm it seems to be reversing to a Long Bias for the Future Indices and perhaps for the market in general. This has only happened a small number of times historically. Examine the setup below and watch the video.
Opening Gap Direction - Up
Market Status - The morning Gap Up led to a slow but steady rise. Since the FOMC announcement about 30 min ago we continue to go higher
Instrument - ES, NQ, YM, RTY
Trading SetUp - Time Based Entry, trading in the top 25% of the Intraday Range.
Market Trend - Above the 200 Day Moving Average (200MA) and pushing about 10 points higher
Trade Type - Long, last hour of trading
Entry - 3:15 pm ET
Exit - 4:15 pm ET (Market Close)