What is Happening this Morning?

So, this morning I continue to expect a move down into the 1080s. We have new home sales at 10:00am EST, but don't expect any significant market reaction.

We have had a steady slow grind back up in the overnight session, though we have sold a bit in the last 30 minutes. I will be looking, ideally, to see a pullback up to 1101-1102 where I will look for short entries. Other levels I will be watching for resistance and potential pullbacks are:
1099, 1105, 1109-1110, 1117-1118 and yesterday;s highs at 1129.

Watch out for the FOMC Announcement at 2:15 EST. There won't be any surprises here as the Fed Funds Rate will be left unchanged, but still, the market will likely react to additional announcements with some volatility. I most likely won't trade for 15 to 30 minutes after the announcement until the market settles down. Often times the first move is the wrong move so be careful. I'll try and update my thoughts here at the time of the announcement...

Support Levels to be aware of are 1084-1085, 1070-1073.
I don't imagine that we can get movement below 1070, but if so, look at additional support at 1057, 1048 and 1039.

Ultimately I see some more upside potential in the markets after confirming a reversal off either the mid 1080's or the low 1070s... After that I expect that we see a move upwards to 1137-1142 on the ES. But for now, just going to focus on today...