Emini Testing 2800 Ahead Of North Korea Summit And FOMC
Al Brooks | Jun 12, 2018 09:10AM ET
The Emini had a weak rally yesterday, but reversed down at the end of the day. While it is a sell signal bar on the daily chart, it has a bull body. In addition, the 2 week bull channel is tight. Therefore, it is a minor sell setup, which means a 1 – 2 day pullback is likely.
Will today finally get back above 2800 and test the March high? It might, but the odds are against a big move until after there is news from North Korea and after tomorrow’s FOMC announcement.
h3 Overnight Emini Globex trading/h3
The Emini is up 1 point in the Globex session. Since yesterday was a weak sell signal bar in a strong 2 week rally, a big bear day is unlikely. However, because the rally is near resistance and there was a strong reversal down late yesterday, a strong bull trend day is also not likely. Finally, yesterday’s Big Up and then Big Down created Big Confusion, which is the hallmark of a trading range. The Emini is probably going to be sideways going into the uncertainty of tomorrow’s 11 a.m. PST FOMC announcement.
Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.
/h2
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