Range-Bound Trading 080508

After the FOMC meeting today, the market should make a move out of the range-bound trading area it’s been stuck in the last few weeks.

60-minute charts of the SPX index, INDU index, and ETF UWM, show the bounce we had yesterday off trendline support.

I didn’t draw the upper trendlines. Watch for the typical spikes in price both ways after the Fed announcement. I’ll be waiting to see which way the break runs, and a good trading pattern, before committing to this market with decent capital.