![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWlNibmd3LpLWo8NBNdYTQ8gs1yEvjqXFq8b6ojmexNwmep7BfFPhCJ6Pp3CrkyUJa-hJd6IrRLw1nxV6TI5fx6jjqA5Gqh1Dy_dC1krQMEYasBseOSve8Eg_FCk__L70NePtdYg/s400/ES092109e.gif)
Here we can see the market breakout this morning and the subsequent range trade on low volume, as we've stayed above the day's volume-weighted average price. We can see from the histogram at right that we are forming a "double distribution" day, with a volume bulge around 1054/1055 and another around 1059/1060. Both selling and buying pressure have been restrained as the day has progressed, reflecting reduced volume ahead of the Fed meeting. Oil remains weak; the U.S. dollar is off its highs of the day. Ten-year Treasury rates have moved higher along with stocks. As long as we remain above the 1056 level representing support from late last week, I'm treating this as a multi-day range market.
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