Ask not what the market is doing; rather ask, what is the market not doing?
It’s about fifteen minutes before the open. Biotech (IBB) was bid/ask as high as 137.01/137.44, in the pre-market session.
As we get nearer to the open, that high mark is being eroded to 136.73/137.11.
What’s not happening, is the market has not bid significantly higher than yesterday’s close.
If demand was strong, price action would have no problem pushing past the resistance area at 136.00.
The chart shows we’re at the danger point. We can see symmetry created by the trading range.
It is ten points from here to the top (all time high).
At the bottom of the range, it’s ten points down to the untested breakout, support level.
The Fed announcement is scheduled for 2:00 p.m. EST and trading may just tread water until that time.
Charts by StockCharts