Fed Speaks Late Monday = Tighter Range

Yesterday's 15 Minute Close Bar = Down @ 1327.50

Yesterday's TREND = Range

9:00/Reversal = Range

Yesterday's Power On Close = Strength

Today's Open = Gap UP (2.25 points) 

Result = Continuation of previous days range and overnight S/R.

Today's TREND =  Very Tight Range

Today's 15 Minute Close Bar =UP@ 1327.50.00

Today's Power On Close = Strength

Daily Volume = 1.65M Ultra low

Today's $TICK close = UP@ 801

The calander for the day shows the Fed speaks @ 1:00 end of the day, this makes for a very tight range on Ultra Low Volume, price is indicisive as investors wait to hear what Bernake will say. This information is critical and is a warning sign to take the day OFF.

We traded in a 5 point Range for all zones.

1 minute range

Ticks in tight Ranges **Notice the Triangle on 13,500.** breakout is inevitable. But may happen After Hours.

TRADE OF THE DAY

Trade in actual positions for adjustments, analysis, blog updates and the BEACH.
BUT if you choose to stay look for breakouts. Watching the NEWS is totally unessecary when timing breakouts, I used the Internals to see were the overall bias was and you can see that the Ticks are making steady lower lows (I believe this is the insider traders getting early positions and waiting for the news to justify their campaign).

As last weeks post showed the daily have been setting up for weeks.

When you get mixed Trend and background signals, the market tends to go Range Bound. The longer the Range the larger the expected break out.


Intangible Observations
Notice 3LB trend within a trend

break out of consolidation.

Radar Scan - New Daily Hi/Lo set to 1 bar can be a great confirmation of breakouts from consolidation, 
Using the Internal Indexes.