Hello Everyone,
Well the stage was set coming into the FOMC yesterday with the SPX/QQQ coiled (Bollinger Bands were compressed) and Chairman Powell provided the trigger with a very Hawkish Statement/Comments yesterday which led to a big spike in Yields/USD and a clean break of support on the indices that closed on their lows with large bearish engulfing candles. Then, overseas markets all sold off overnight which led to a downside gap and go day today with the indices closing near their lows. From Contraction comes expansion as we say and it has been on display since JP spoke yesterday. For tonight, be mindful of the BOJ (Bank of Japan) and what they communicate - this is a potential market mover tonight.
ES Support 4365 4355 and 4325 with resistance 4385 and 4400
Please take a moment to look at the trade ideas.
