The day has finally come!

June 28, 2006 · Print This Article

The long awaited Fed release is due out tomorrow and traders are looking forward to moving past this piece of important inflationary data. I must remind you that the direction that the market trends immediately following the release is often reversed in one to two days so be very careful.

If the market is not pleased with the report I would imagine the lows established two weeks ago will be tested and from there, well, we will have to address that scenario when and if the time comes. The market has traded in a range for the last week few weeks so tomorrow could be the start of something big. One thing is for certain, the range bound state that the market has been in over the last few weeks should end very soon.

RSI Wilder (5) for June 28, 2006