The markets gapped down and gave us the lightest volume of the year in the first hour. The opening range plays worked, but things were tame beyond that until the Fed when the markets spiked up. NASDAQ volume was only 1.6 billion shares.
Net ticks: +15.5 ticks.
Markets gapped down and were flat on light volume waiting for the Fed, then rocketed upward when the Fed announced that they expected to raise rates twice this year due to strength in the economy.
As usual, let’s start by taking a look at the ES and NQ with our market directional lines, VWAP, and Comber on the 5-minute chart from today’s session:
ES and NQ Opening and Institutional Range Plays:
ES Opening Range Play triggered long at A and worked:
NQ Opening Range Play triggered long at A and worked:
ES Tradesight Institutional Range Play:
NQ Tradesight Institutional Range Play: