Hello Everyone,
Yesterday's doji candles on the major indices daily charts pointed to some weakness (along with negative divergences) and setup potential evening star patterns which unfolded today with vigorous selling. The SPX came down to my stated demand zone in the weekend newsletter and bounced from that area into the close.
Tomorrow all eyes on the FOMC and Powell presser so buckle up. Anything goes and I'm not one to bet heavy on Fed Day but with the recent action in the banks (crumbling), my gut says they must throw a bone towards this group. I will review the structure below in tonight's review but the immediate question is if W5 can subdivide higher or breaks pivot support near 4050. Level to Level trading.
For tonight/tomorrow on ES look for initial resistance above for ES around 4140-55 with 4130 and 4118 4100-4090 (major) support below. Back above 4155 could see a test of recent highs.
Matt posted some precious metal miner charts today in the trading community so please have a look.
Reminder: I will be away tomorrow as posted in the weekend newsletter comments.
Please take a moment to look at the trade ideas.
