Hello Everyone,
Tuesday Comments:
ES continues to trade around the 4550-4583 range of late. Seems the market is waiting on a catalyst.
The market remains in a short-term state of balance, characterized by two-sided activity and coiling for a directional move while awaiting additional market-generated information. As always, the longer a consolidation lasts, the more significant the move out of it tends to be.
Wednesday Comments:
SPX/QQQ (ES/NQ) gapped up today but were quickly faded (failed range break) and then drifted backdown to the lower end of their recent ranges. Some big news on the horizon with Monthly Payrolls on Friday and then CPI and FOMC next Tuesday and Wednesday. For a larger move we need to see the range from Tuesday be broken and held otherwise expect more balancing action ahead of these big events.
ES support 4555/50 then 4542/38 with resistance 4566/74 4583/90
Please take a moment to look at the trade ideas.
