I thought the market would rally early today to 1102 or so, but instead the sellers have been in control from the pit open. I am revising my day session range estimate from 1080-1102 to 1070-1092.
The ES is waiting for the Fed announcement at 2:15 pm today. I think that the market will break right after the news to 1070 and the begin a rally of 20 points or so. This will be the initial stage of a base-building process in the 1070-90 range that will support the next advance which will carry to 1160 or so.