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Emini Testing 2800 Ahead Of North Korea Summit And FOMC

By Al BrooksStock MarketsJun 12, 2018 09:10AM ET
www.investing.com/analysis/emini-testing-2800-ahead-of-north-korea-summit-and--fomc-200324174
Emini Testing 2800 Ahead Of North Korea Summit And FOMC
By Al Brooks   |  Jun 12, 2018 09:10AM ET
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Pre-Open market analysis


The Emini had a weak rally yesterday, but reversed down at the end of the day. While it is a sell signal bar on the daily chart, it has a bull body. In addition, the 2 week bull channel is tight. Therefore, it is a minor sell setup, which means a 1 – 2 day pullback is likely.

Will today finally get back above 2800 and test the March high? It might, but the odds are against a big move until after there is news from North Korea and after tomorrow’s FOMC announcement.

Overnight Emini Globex trading


The Emini is up 1 point in the Globex session. Since yesterday was a weak sell signal bar in a strong 2 week rally, a big bear day is unlikely. However, because the rally is near resistance and there was a strong reversal down late yesterday, a strong bull trend day is also not likely. Finally, yesterday’s Big Up and then Big Down created Big Confusion, which is the hallmark of a trading range. The Emini is probably going to be sideways going into the uncertainty of tomorrow’s 11 a.m. PST FOMC announcement.

Yesterday’s setups


Emini 5 Min Chart
Emini 5 Min Chart

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

Emini Testing 2800 Ahead Of North Korea Summit And FOMC
 
Emini Testing 2800 Ahead Of North Korea Summit And FOMC

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