FOMC Aftermath

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Today at 11:15 am EST the market broke out above the 1900 area to a high of 1910 which, if held, would have ended the downtrend on the Daily chart.  By 2 pm, the market gave it all back and some as price broke down below the newly created support area of 1877.  With such a breakout failure today, I'm expecting further selling overnight into tomorrow.  Currently the market retested the 1877 area to roll back over at 1882 which is where I've adjusted my mR area.  Price then headed lower and should have taken out the low of 1864 but price seems to have bounced back up from this area.  If a new low is not made, we could be sideways, this is a very tricky market to follow on the 60 minute chart.  

   

Daily
Daily
ES 01272016 EOD
ES 01272016 EOD
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