Chart on ES: Make It Stop, Please!

Good Tuesday Morning, MPTraders!  April 25, 2023-- Pre-Market Update: Economic data on Home Prices and Sales, the Conference Board Consumer Confidence figures, and the Dallas Fed Indices, are due out this AM, any of which could move the equity market needle from the grasp of its sideways stupor. After the close, earnings from MSFT and GOOG certainly have the potential to move the NDX-100 index... 

Meanwhile, everyone I speak to is saying the same thing, "Make it STOP, PLEASE!" in reference to the April sideways price funk (see my attached Hourly Chart). 

In overnight trading, ES pressed to another marginal new pullback low at 4130 within the horizontal range, but again, there was NO downside follow-through, and yet again, buyers swooped in to reverse the index starting at about 4:30 AM ET, which has been the profile of this market since last Thursday. 

Be that as it may, ES seems to be awaiting a directional catalyst that very well could await the FOMC policy statement one week from tomorrow (May 3rd). Can you imagine the three-week April rangebound pattern lasting another 6-1/2 trading days, across some big technology mega-cap earnings reports? I guess anything is possible in this bizarrely quiet market... 

For today's session, an ES climb above 4165 or below 4130 will have the potential to trigger directional follow-through to 4195-4200 on the high side and on the low side, to 4110 to 4095... 

Back in a few minutes with my updates on MSFT and GOOG ahead of this eve's earnings reports...

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