Today’s reaction to the 2pm FOMC meeting was about as typical as it gets. Price rallied overnight into the meeting, based above 4400 before the meeting, then initially rallied to make a new daily high after 2pm (the fake first move), trapped longs, then collapsed back to the end day. This is more or less the exact scenario discussed in yesterdays note as a quite common template around news events, FOMC’s included. Despite all this back and forth trapping though, ES is ultimately just at that same 4320 support that its spent the entire week so far. Price is consolidating for its next move. Here’s what I’m looking for
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