ES Takes a Breather Ahead of Wed’s FOMC Policy Statement

ES (Emini S&P 500) made a new all-time high at 2270.25 after last evening's Sunday re-open, but has since relinquished gains and has pressed into negative territory, down 6.50 points on the session so far.

While we can make the case that the most recent portion of the post-Trump advance-- from 2179.50 to 2270.25 is complete, let's notice that 4-hour RSI confirmed the new high, suggesting that current weakness is a correction prior to yet another loop to the upside into higher-high territory.

Key near-term support resides from 2238 to 2230, from where I will be expecting buying interest to re-emerge.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!