E-Mini S&P 500 Futures
ES gave back yesterday's gains in the overnight session, and has broken below yesterday's Globex Low (1116.50) which are both bearish signs. 1116.50 is the Bull/Bear Line in Sand -- bias is bearish below and bullish above that level. If price begins to trade back above 1116.50, we could start seeing moves back up towards the Resistance Areas above. Below 1116.50, we have Support at 1110-1112 followed by 1105.75-1107.75. A break below 1105.75 could result in heavier selling with 1098.25 gap fill as a potential target. Price action leading up to FOMC can be choppy, and even trading the price action after Fed release comes with higher risk. If you'd like, you can check out the Review/Analysis post from the previous FOMC/Fed Day 06/23/2010. We're still at an inflection point, and the price action over the next could of days could decide the direction for the next leg up/down.
Econ Data
Productivity and Costs at 7:30 AM (CT), Redbook at 7:55 AM (CT), Wholesale Trade at 9:00 AM (CT), and the FOMC Meeting Announcement at 1:15 PM (CT).
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
