SPX Consolidating Ahead of FOMC Tomorrow: Decision Time. Jan 26/27 Chart and Plan

Yesterdays (literally) historic move settled as it often does into a consolidation day today, with ES bouncing up and down within a fairly wide 100 point range. As written yesterday, the intraday reversal ES saw was historic: Only twice since the 1970s did it see an equivalent or greater intraday washout and recovery. Both however, were during 2008s bear markets and saw new lows after, and this same statistic applies for every time Nasdaq saw a >4% intraday wash and recovery, with all of them occurring during the 2000-2002, 2008, or 2020 bear markets.

ES played ping pong around my levels today: As posted 4330 was key support and this has been sort of the median for the day. We washed into 4280 support, bounced into 4390 resistance, and now back basing above 4320-4330. FOMC is tomorrow at 2PM and it determines what way this range breaks. As usual, I’d expect a trap filled, very difficult to trade day. Here’s what I’m looking for