Given the constant chop at this time on the 30- and 60-minute charts, Toni Hansen is focused more on intraday activity with a few select daily patterns for swingtrades.
Toni Hansen writes that she is more bearish overall into Wednesday, but the indices are above a lot of support on the daily charts that can continue to create stronger swings on the 15-minute time frame.
The current consensus is that the Fed will finally end its steady policy of quarter-point rate hikes on Tuesday, leaving the overnight bank lending rate at its current 5.25%.
Due to Tuesday's Fed announcement, Toni Hansen is not looking for much on the daily charts at the moment, since new positions can easily be flushed out by any strong reaction to the rate announcement.
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