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Emini Sideways Ahead Of North Korean Summit And FOMC Meeting

By Al BrooksStock MarketsJun 11, 2018 08:57AM ET
www.investing.com/analysis/emini-sideways-ahead-of-north-korean-summit-and-fomc-200323800
Emini Sideways Ahead Of North Korean Summit And FOMC Meeting
By Al Brooks   |  Jun 11, 2018 08:57AM ET
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Pre-Open market analysis

The Emini rallied for 2 weeks and broke above a 3 month triangle. It is getting drawn up to resistance at the March high, just above 2800.

Despite the rally, the Emini might stall around the March high ahead of Wednesday’s FOMC announcement. In addition, it might be waiting for news from Trump’s summit with North Korea’s president Kim Jong-un.

Overnight Emini Globex trading

The Emini is down 1 point in the Globex session. Friday was a trending trading range day and it closed near the top of its upper range. Today will therefore likely test the bottom of that upper range, which is around 2775.

It was also a Spike and Channel Bull Trend day. There is usually a test of the bottom of the channel, which is the bottom of the Friday’s upper range. Then, the bull channel typically evolves into a trading range. Furthermore, the uncertainty of the North Korean summit and Wednesday’s FOMC announcement also increase the odds of mostly sideways trading.

Because the daily chart is in a bull trend, there is an increased chance of a bull trend day. Furthermore, most days in a bull trend have at least a small early selloff that forms the low of the day. Finally, a late rally and a close near the high of the day is also more likely. Selloffs will probably only last 1 – 2 days.

Friday’s setups

Here are several reasonable stop entry setups from Friday. I sometimes also show limit order entries and entries on the close of bars.

Emini 5 Min Chart Trending TR Day
Emini 5 Min Chart Trending TR Day

Emini Sideways Ahead Of North Korean Summit And FOMC Meeting
 

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Emini Sideways Ahead Of North Korean Summit And FOMC Meeting

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