Summary of yesterday’s S&P Emini futures price action and what to expect today
The Emini spent most of the day in a tight trading range. It is probably waiting for tomorrow’s FOMC announcement at 11 am. The odds are that it will test the July high again soon. However, because the weekly chart is so overbought, the odds also favor a pullback on the weekly chart within the next 2 weeks. Tomorrow will probably be another quiet day until the FOMC report. It then will probably have a big move. The move can be up, down or in both directions so day traders have to be willing to follow the momentum.
See the weekly update for a discussion of the price action on the weekly candlestick chart and for what to expect going into next week.
