Here's an updated chart going into this week. I wanted to see how the overnight session played out before I posted. Key levels remain the same and price is currently still stuck in the neutral zone meaning sideways action until price breaks above or below. This week is Triple witching and there is an FOMC meeting which means price will likely be choppy. Going into the FOMC meetings traders tend not to commit heavily long or short as anything can happen. During triple witching option weeks market makers tend to pin the price around where they expect to eat up as much premium because they are net seller of premium.
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Last week was a great example of why I like to use the neutral zone boxes to help define trend. It may have seemed like a crazy week, but looking back price simply bounced inside the neutral and went no where. The NAS finished the week down a measly 90pts. This was likely due to the FOMC and OPEX. Many traders holding long calls and puts would have seen their premium burn away as price chopped around. This week there is a better chance for price to pick a direction and go. Here is a pic of the weekly.
