Tomorrow is the first day of the feds final 2014 2 day meeting, Housing Starts, Redbook, PMI Manufacturing Index Flash and a 4 week T-bill auction.
ES rallied over night and failed as CL traded into the $55 handle
ES and CL DETACHED slightly today:
Reasons: ESH extremely over sold , very strong statistical and season stats and buyers starting to “mark” stocks up for year end.
Wednesday 2nd day of the Fed 2 day meeting is what the markets are waiting on now. If the Fed utters a language change in its statement or takes something out that indicates raising rate sooner then expected the ES will drop sharply. If it doesnt the ES is going to rally sharply.
High 2012.20
Low 1975.00
Last 1986.40 , down 4 handles
Volume 2.6mil 360k GLOBEX , 1mil ES spreads 1k SPH
MOC Sell $70 mil to Sell $140mil