Pre-FOMC Tuesday

Every FOMC week it feels like the same old song and dance. Traders forget what the last FOMC was like, or they convince themselves that this one will be different. They rarely are different. History may not repeat itself but it frequently rhymes.

The key for today is patience. Yesterday was a pretty clear range/mean reversion day. Most big money is going to be waiting, positioning themselves for Wednesday, and in general probably not too interested in pushing any major market moves. Be selective, be picky, don't overstay your welcome in a trade. Stare into the abyss like this girl in the picture and question the meaning of life instead of losing money.

Here's a decent way to approach today:

• Risk Management: Prioritize risk management above all else. Given the potential for heightened volatility, ensure that your positions are appropriately sized to withstand sudden market movements. Consider using stop-loss orders to limit potential losses.

• Stay Informed: Keep a close eye on economic calendars and news feeds for any updates or rumors related to the FOMC decision. Be prepared for sudden changes in market sentiment.

• Time Your Entries: Consider entering the market when volatility is relatively low. This allows you to establish positions at more favorable prices.

• Be Patient: Avoid overtrading. It's essential to wait for clear signals or confirmation of market direction, especially as the FOMC announcement draws near.

Here are my NQ levels today:

Current price: 15390

Upside Targets: 15405, 15461 15500, 15530

Downside Targets: 15355, 15330, 15292, 15260

Stretch Targets: 15590, 15220