Volatile Day Likely Ahead for Market: July 13th Plan
After a big rally to start the today, ES spent the day chopping around 3855, before washing out into the close and closing *right* at the critical 3810-20 support zone I have talked about all week. This makes it two pullback days in ES after last weeks five green days, but ultimately zooming out at the daily chart - after the initial 300 point rally from June 17th to June 27 - ES has been consolidating in a range and coiling up to set up a multi-day trend.
Tomorrow is CPI day, which is certain to introduce some volatility that may or not breakout the general range we’ve been in the couple weeks. Today’s late day selloff was not ideal for bulls as it puts price in a precarious position ahead of an important news event. In today’s newsletter, I’ll be talking about how I traded todays action, how I approach news days (like CPI) and then discuss the plan for tomorrow/rest of week.