The ES 24 hour S&P futures sold off overnight, but US traders woke up this morning and bought the effin dip as usual. It remains to be seen if they’ll be sustained or punished when regular trading opens. The key area to watch for a rally signal would be 3920-30. If they clear that, it would be good to go. Perhaps all the way up to 3950. OK. I keed. I keed.
But if they then cleared that, they’d have some running room.
On the downside, 3865-80 looks like the key sport area. Break that, and bears get the ball with running room to 3835 or so.
In short, the trading range still rules as we await the FOMC curicus and Powell Dog and Pony Show on Wednesday.
Stay tuned. I am working on a Technical Trader update. Be back here with more in an hour or so.
For moron the markets, see:
- How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
- Gold Works On High Base March 14, 2023
- Swing Trade Screen Picks – Who Wants to Go Short Here! March 13, 2023
- Bailout or Not, Stock Traders Are Should Give the Fed, Treasury, and FDIC the Finger March 13, 2023
- Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
- February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
- You Can Now Follow the Diabolical Usual Suspects February 16, 2023
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