S&P 500 Hourly Futures Trending Down Heading into Fed Decision

The price movement in the S&P 500 hourly futures contracted today, as traders evidently stepped aside to wait for Wednesday's Fed decision and Jerome Powell's first news conference as Fed Chair.

Heading into these events, the S&P 500 hourly futures remain in a downtrend. Best to wait until after these events play out before contemplating a trade set-up. The most ideal set-up would be to bet on a trend reversal to the upside, should the market move down in a 7th wave on the Fed news.

We'll see if that set-up arises.