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FOMC News All but Ignored in Futures Markets


Apparently, the market has been daydreaming about Cyprus.

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Awaiting Wednesday's FOMC policy statement inhibited any intraday trending. There was none its wake, either. Apparently, the market has been daydreaming about something else. Not sure what that is, but the Cyprus travel brochures on its desk might have something to do with it.

Dollar Basket
Wednesday's gap down only ranged around Tuesday's 82.85 low, even through the FOMC news, offering no new guidance.

Jun Contract EC; (NYSEARCA:FXE)
Gapping up Wednesday did not change the impact of Tuesday's new low close, and only left outstanding the gap below that will try to attract price back down to it. Meanwhile, the session only ranged around the 1.2955 bounce limit and buyers did not gain traction.

Apr Contract GC; (NYSEARCA:GLD)
Tuesday's touch of the 1615.00 target reacted down a little into the close, and a little more into Wednesday, testing 1605.00. A blip-down in reaction to the FOMC news barely pierced 1600.00 before reacting back up to attack 1609.00, whose recovery was needed on a closing basis or immediately at the following open to maintain the rally's momentum.

May Contract SI; (NYSEARCA:SLV)
Wednesday's drift lower held above 28.65 to avoid signaling a new downleg underway.

30-Year Treasury
Mar Contract US; (NYSEARCA:TLT)
Gapping down Wednesday helps to confirm that the 144-00 target has held as resistance. The gap back to Tuesday's 143-20 close doesn't have to be filled if Thursday's open were to gap under 142-24.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Tuesday's reaction down from Monday's attack on 94.00 was retraced somewhat Wednesday, and at least not extended, maintaining potential for resuming the rally.

Natural Gas
The attack on 4.00 slowed Wednesday ahead of Thursday's EIA report.

Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.
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