Pre-Open market analysis
On Friday, the Emini traded above the September high. Since it reversed up from below the September low early in the month, October is now an outside up bar on the monthly chart. That is bullish.The Emini will probably make a new all-time high on the day session chart today. If it closes above the September high and the July all-time high, especially far above, the traders will expect it to go up into the end of the year.Wednesday’s FOMC announcement can lead to a big move up or down. Because of the uncertainty, there is an increased chance that the Emini will be mostly sideways ahead of the report.
Overnight Emini Globex trading
The Emini is up 12 points in the Globex session and currently above the July all-time high. Since June, I have been saying that there would probably be a new high in September or October. With 4 days left in October, the bulls should achieve their goal this month in the day session as well. The Emini might gap to a new high on today’s open.Because the Emini is testing an important price, there is an increased chance of a trend day. If there is a trend day, up is slightly more likely than down.
Friday’s setups
