Quiet Range Day As SPX Sets Up an Explosive Week: July 26th Chart

As most know, we have one of the biggest data weeks coming up with Google and MSFT reporting tomorrow, FOMC (the big one) Wednesday, GDP Thursday + Apple and Amazon Earnings, then Core PCE Inflation Friday. Today was the only “news free” day of the week, and ES certainly reflected that, doing absolutely nothing all day but playing ping pong between 3965 and 3985 levels all day.

I mentioned yesterday that after two clean, trendy, and quite lucrative weeks of trading, I would expect conditions to worsen this week with plenty of chop and trapping ahead, and certainly off to a good start on that front today with the market presenting little opportunity. We are in a holding pattern, but it won’t last as volatility is incoming.

In todays newsletter, I’m going to touch on how I traded (or didn’t) days like today in relation to yesterdays trade plan, how I am approaching this week, and the general path ahead I am tracking.