FOMC Day Blues

Seems like you guys are suffering from a bit of FOMC day blues. Well, we can’t have any of that here at Evil Speculator and I’m going to tell you that there are actually wonderful setups to be had today, if you bother looking!

Absolutely fantabulous formation on the NQ futures right now – I see some sort of inverted H&S on the hourly panel and the neckline roughly lines up with a daily NLBL which, if breached should be good for a jump higher. Watch this puppy as it could kick into gear at a moment’s notice. Of course until we breach that NLBL we are good here with a short position. BUT only take out a handful of contracts as it’s FOMC day and if you find yourself on the wrong side of the tape you can’t rely on getting a decent stop out. Be prepared for the worst and if it happens you live another day.

Gold – the shiny stuff just touched my 100-hour SMA and it’s also retesting that 25-day SMA, which is still drooping lower. I think this is a decent spot to be long with small exposure. Best to pyramid up as that 25-day SMA starts swinging higher – let’s give it time and don’t bet the farm on this on. Yes, I’m talking to you, goldbugs!

The Dollar is a bit spasmodic right now but it has managed to hold that NLSL – thus far. I think the 100-hour will be the final arbiter and I’m watching it closely.

A few more goodies below – let’s get busy:

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Cheers,