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ES Bending, But Not Breaking Ahead of the FOMC Policy Decision


T-minus a little over 2 hours until the next FOMC Policy Statement, and we notice all of the recent action in ES (Emini S&P 500) represents either a very high-level, bullish digestion period ahead of another upside surge towards 2200, or, a near-term churning, distribution-top pattern ahead of a decline that breaks micro support at 2150 in route to 2130/25 for starters.

Certainly, my 4-hour momentum gauge suggests strongly that ES is losing upside steam, and is ripe for a period of back and filling, if not more, in the after- math of the powerful post-Brexit advance.

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