Trader's Daily Notebook: Would Somebody Please Change the Channel?

Tuesday's E-Mini S&P 500 futures (Es) auction was more active than Monday's, but viewed over a multiday timeframe, there's no question we're still trading in a relatively narrow channel. Wednesday's FOMC meeting announcement and Fed Chair Janet Yellen's news conference are the week's most likely catalysts, but given the degree with which volatility has contracted in recent days, my guess is most traders are content to sit on their hands until after all FOMC-related news has been both disseminated and digested. 

iShares Russell 2000 Index ETF (IWM) -- Daily
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Small-cap stocks continue to lag larger-cap names, with the iShares Russell 2000 Index ETF (IWM) struggling to avoid losing additional ground relative to its year-to-date (YTD) volume weighted average price (VWAP) and 50-day exponential moving average (EMA). While I wouldn't want to be a short seller of the IWM as long as it's trading above the January lows (roughly $133), there's no question the prolonged trading beneath our short and intermediate timeframe moving averages is forcing bulls to rethink their positions. ...429 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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