Pre-Open market analysis
The Emini sold off yesterday after Wedesday’s buy climax, but it reversed back up late in the day. Since it has a bear body, it is a sell signal bar on the daily chart. However, it is only a bear doji bar, which is a weak sell setup. Furthermore, after 4 bull days, the Emini will probably not fall far today. The Emini might begin to go sideways into Wednesday’s FOMC meeting.
Overnight Emini Globex trading
The Emini is down 8 points in the Globex market. The past several days on the daily chart are important for today. A big bull trend day is unlikely today after a bear doji day yesterday and a buy climax Wednesday. Also, a big bear day is unlikely after a bear doji and 4 bull days.
In addition, yesterday was mostly a trading range day, which increases the chance of a trading range day today. Finally, with the uncertainty of Wednesday’s FOMC announcement, the Emini will probably go sideways for the next few days.
Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.
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