E-Mini S&P 500 Futures
Friday's Low at 1117 held as Support in the overnight session, and Buyers were able to push ES up to 1126.50. The Buying shut off ahead of Friday's day session high of 1126.75, and the double-top at 1127 from Friday's O/N session. We have the Housing Market Index out at 9:00 AM (CT), and the market could just remain in Balance into that number. We could get some volatility on the #, but overall, I anticipate a balanced market heading into tomorrow's FOMC Announcement. I would be cautious on the Long side if ES breaks below 1117, although Responsive Buyers will probably enter on the first probe below 1117 so a second failure of 1117 could lead to heavier liquidation. On the upside, we'll probably see rotation on the first test of 1132-1134. In the event of a breakout above 1132.50, I anticipate the Buying to shut off in the 1143-1145 Resistance Zone if not sooner.
Econ Reports
Housing Market Index at 9:00 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)