11:21 am EDT:  Just after the open, ES bounced off monthly S1 at 1084.75, but subsequently traded down to yesterday’s low at 1081.00.  This was in the 1080.00 to 1082.00 support area, but we said the later in the day the ES trades there, the less likely it is to hold.  Another return to this area has a good chance of breaking support.

Some notes about trading around the FOMC Announcement:  the release is usually a few minutes after 2:15 pm and there is typically a three wave pattern–a quick spike that may last seconds to a minute, followed by a retracement, then a resumption of the move in the initial direction that lasts from 15 minutes to 45 minutes.  After that, there is usually another reversal into the close, which has been to the downside over the last year and a half.  So far, the day is not behaving like a typical FOMC day.