Much of today's focus is on the FOMC meeting. Speculations of QE3 have reduced markedly after the Chairman's testimony weeks ago. It's widely expected that not much change would be seen in the rate guidance and the policy statement.
Yet, Bernanke remained concerned about the employment condition in the US. Given the fact that the unemployment rate stayed above 8% in February, further easing is still possible later this year.
Proshares Ultra Short 20 Year Treasury ETF setting up a nice Ascending Triangle, should it breakout above $19.75 resistance, ITZ believes we could see $22.