NQ1!, Pre FOMC Drift but a new high is tagged
The price trended up during the Globex session and the RTH opened right at the resistance: 7399 gap. Considering the stretched move it was a higher probability for the longs to cover (the overnight repository was 100% long) it was worth to attempt a short setup. That idea worked. The buyers were active at the support and after a lengthy chop they managed to break to upside to the next resistance during lunch time. A low volume pre FOMC day is Algos playground. When a news related to China deal hit the wires the Algos dumped all the daily gains. Some recovery happened at the support but eventually the price went down and closed the gap.
I don’t expect much tomorrow until the FOMC announcement and especially the press conference. The CME probability tool shows 100% of no rate change. I guess all attention will be to what the Feds are planning to do.
The bullish sentiment has not changed. But a pullback is much anticipated and needed in order to go higher. The relentless upside move left a lot of gaps behind and a weak market structure. A strong downside move has a potential to create a waterfall selling.
03/19/2019
I don’t expect much tomorrow until the FOMC announcement and especially the press conference. The CME probability tool shows 100% of no rate change. I guess all attention will be to what the Feds are planning to do.
The bullish sentiment has not changed. But a pullback is much anticipated and needed in order to go higher. The relentless upside move left a lot of gaps behind and a weak market structure. A strong downside move has a potential to create a waterfall selling.
03/19/2019
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