Hello Everyone,
Following a two day bounce, the SPX/QQQ reversed down today and closed near their lows (bearish daily candles). With that said, we have CPI tomorrow and 9 of the last 11 reports have led to upside moves (see blog post for such stats). Crapshoot for me, so I will not make any big bets ahead and react tomorrow. The SPX/QQQ have played ping pong around their respective 50 day MAs lately.
One other thing that I will be monitoring is how price acts over the next week (9/20) with liquidity expected to be a hinder (I want to see if this is back in sync with price action).
ES initial support below 4503/4497with resistance at 4516
Please take a moment to look at the trade ideas.
