Recap
Yesterday's CPI report led to a 40-point upside squeeze after an initial flush. The first move was a trap, followed by a flush down to 4380 support, recovery, and then a squeeze up. Since June 1st, ES has been in a "buy all dips phase" with a 140-point increase. However, FOMC day is today, which may bring more complexity and difficulty for traders.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Up
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Up a bit
World Headline
FOMC Rate Statement and Jay Powell press conference.
Key Structures
Large white rising channel structure from the March low, with support at 4245 and resistance at 4455
Core breakout level from June 1st/2nd at 4277-82
4385, the most recent breakout level
Support Levels
4408-05 (major), 4385-90 (major), 4367 (major), 4358, 4344 (major), 4338, 4317-23 (major), 4305, 4294 (major), 4276-80 (major), 4264, 4255, 4240-45 (major), 4230, 4215 (major), 4194, 4175-80 (major), 4157, 4142, 4125 (major)
Resistance Levels
4429 (major), 4438-4440, 4458 (major), 4470, 4486, 4503 (major), 4525 (major), 4540-45 (major), 4570 (major), 4591, 4600, 4615, 4640 (major)
Trading Plan
📈 Bulls: 4440, 4458 with 4408 as support
📉 Bears: 4385 triggers downside
Watch for false breakdowns/breakouts:
4440, 4458 next up as long as 4408 keeps holding. 4385=post FOMC sell trigger
If ES can base above 4408, target 4429, 4438, and ultimately 4458
If 4385 fails, consider short at 4382 for a sell to 4366
Wrap Up
FOMC day is today, which may bring more complexity and difficulty for traders. Focus on false breakdowns/breakouts, and watch the key structures and support and resistance levels for potential moves. Be prepared for unpredictable action after the FOMC meeting and adjust trading strategies accordingly.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Yesterday's CPI report led to a 40-point upside squeeze after an initial flush. The first move was a trap, followed by a flush down to 4380 support, recovery, and then a squeeze up. Since June 1st, ES has been in a "buy all dips phase" with a 140-point increase. However, FOMC day is today, which may bring more complexity and difficulty for traders.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Up
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Down
🔮 Crypto: Up a bit
World Headline
FOMC Rate Statement and Jay Powell press conference.
Key Structures
Large white rising channel structure from the March low, with support at 4245 and resistance at 4455
Core breakout level from June 1st/2nd at 4277-82
4385, the most recent breakout level
Support Levels
4408-05 (major), 4385-90 (major), 4367 (major), 4358, 4344 (major), 4338, 4317-23 (major), 4305, 4294 (major), 4276-80 (major), 4264, 4255, 4240-45 (major), 4230, 4215 (major), 4194, 4175-80 (major), 4157, 4142, 4125 (major)
Resistance Levels
4429 (major), 4438-4440, 4458 (major), 4470, 4486, 4503 (major), 4525 (major), 4540-45 (major), 4570 (major), 4591, 4600, 4615, 4640 (major)
Trading Plan
📈 Bulls: 4440, 4458 with 4408 as support
📉 Bears: 4385 triggers downside
Watch for false breakdowns/breakouts:
4440, 4458 next up as long as 4408 keeps holding. 4385=post FOMC sell trigger
If ES can base above 4408, target 4429, 4438, and ultimately 4458
If 4385 fails, consider short at 4382 for a sell to 4366
Wrap Up
FOMC day is today, which may bring more complexity and difficulty for traders. Focus on false breakdowns/breakouts, and watch the key structures and support and resistance levels for potential moves. Be prepared for unpredictable action after the FOMC meeting and adjust trading strategies accordingly.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.