Bullish undercurrents weakly hold at support levels near 2880 in ES_F. FOMC Powell speaks and the Fed minutes release are both on the docket today. We could have more forceful language as they push back against the request for rate decreases. Traders will continue to look for support
Target zones of congestion are wider and still bullish overall – near 2880 – 2924.
Lots of buyers wait below as traders grow tired of being skittish about a fade
Intraday motion is likely to continue long on pullbacks. Aggressive shorts at the failed retests of 2900 will need tight stops and to be trimmed at support quickly in the current environment. Shorts should begin to provide
Remember the overall trend is still long so we have to consider buyers holding the edges of support. Above 2866 will keep us in this formation in the current chart and short time frames – from daily charts.
UPDATE -Our Metastock Map for swing trades, TARGET RICH TRADES, is in a holding pattern until our next red resistance diamond shows up – we need to stand to the side as we expand before another contraction. Bullish behavior still holds at support making room for longs to continue to hold part of a position
Completed is the trade below:
Short at 2831 with first target at 2814.75
Three targets have been acquired 2814.75, 2808.50, and 2794
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