Each test of this 1335-1337 level on the ES has weakened the resistance. I can't help but think that the FOMC meeting will be a non event and based on my event trading thesis, we should see a move higher after the relief of the uncertainty. Not that there is much uncertainty, but traders are chicken littles, and will find any excuse to flatten out positions ahead of an event.
I don't think this gap up holds ahead of the FOMC meeting, but the next time we get back to 1336 after the FOMC meeting, we should blast through it. Shorting is not advised quite yet. The long side is still the safer side for quick trades. The time for shorting will come, but be patient.
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