Bulls Fail To Breakout, But Catalysts Incoming: June 9th Plan

Its groundhog day for ES still and like every newsletter for the past 7 days now has started, ES remains in consolidation mode with 8 daily candles now stacked tightly side by side. To make matters even more frustrating, in SPX the last 4 daily candles are all *inside days* of the last 5 days, essentially making it a quadruple inside day.

This consolidation has trapped bulls and bears equally, displaying an eerie symmetry. Since May 26th there have been 4 rallies of roughly equal magnitude, and 4 selloffs of roughly equally magnitude, each alternating. Today, was generally a sell day. In other words: It didn’t matter if you were bullish, or bearish, the *only* people who made money in this are flexible, reactive day traders.

We are likely nearing the end of this. While most are looking for a clean breakout one way or another, there is the equally likely possibility price fakes out one way first, especially with CPI and FOMC in the next 5 days. Today, I’ll talk about how I’m preparing for this, and the general pattern going forward