Trade Carefully This Week: April 25th Chart and Plan
While markets have certainly been eventful the past couple weeks, they aren’t about to get calmer: We have a heavy tech earnings week coming up with most the majors reporting and then next week we have a critical FOMC meeting, and FOMC meetings are known to be market pivot points.
Last week capped off with ES being firmly rejected after attempting to clear its 200 day moving average to put in a nearly bid-less 250 point drop. My target Friday was 4250 and this is where futures closed Friday and where the opened up tonight. There is little support left below here stopping ES from breaking down now multi-year supports. In todays newsletter I will discuss what I’m looking for, and more importantly, the trading adjustments that need to be made in what should be a volatile, hard to trade, market