Indices In Consolidation Ahead Of FOMC

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For intraday index traders the consolidative price action of the daily charts can be frustrating but with the key support and resistance levels now clearly defined solid swing trading opportunities will present themselves on the faster time frames, particularly when using a non-time-based chart such as a Renko. One such is as shown on the 16 Renko chart for the YM where the break lower from the volume point of control at 24700 led to a move of almost 400 points, and as we can see from the chart the support platform in the 24250-24300 region may once again come into play. And indeed since writing this post, the volume point of control has moved to this price region offering even greater support.

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