5 Red Days Into Major FOMC Catalyst Tomorrow: June 15th plan

Impressive bearish stats for ES heading into FOMC tomorrow: Not only are we onto 5 red days in a row, but there were also 3 consecutive greater than 2% red days in a row, which is very rare, not occurring since the August 2015 selloff. Today was quite literally a “nothing” day in the markets as ES was stuck in a frustrating, trap filled consolidation all day as it holds for FOMC tomorrow which will be the real catalyst.

As readers yesterday know, my support today was 3720-35, and ES certainly took this to heart quite literally spending the entire day in this zone, bouncing off it seven times in the last 24hrs, then fake breaking it down into the close and recovering.

ES is clearly in a holding pattern for FOMC tomorrow, and its quite likely we have a very complex day of trading ahead, as per usual. In todays newsletter, I’ll discuss how I traded todays chop, FOMC days in general, and the plan tomorrow. Big moves likely incoming