Emini all-time high, awaiting FOMC interest rate announcementPre-Open market analysis
The Emini again was in a trading range yesterday, as it was for most of the past 3 days. It might continue sideways into next week’s FOMC announcement. Yet, the bears will scale into shorts at new all-time highs on the daily chart. This is because the 7 month rally has been in a broad channel. In addition, the bulls prefer to buy pullbacks than breakouts.
Overnight Emini Globex Trading
The Emini is down 7 points in the Globex market. Three consecutive bull trend days is a lot in a bull channel. Therefore the odds are that today will not be a bull trend day. Furthermore, the rally has been getting weaker over the past 3 days. This makes a bull trend day unlikely today. Consequently, today will probably be either a bear day or a trading range day.
Yesterday’s Setups
Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.