Weekend Wrap Up: Ping Pong All Week, FOMC Likely Breaks It Out Next Week

It’s been a week of “ping pong” in ES. After Monday’s drop, it spent the entire week on repeat, bouncing from the high 4190s/low 4200s, to the 4270 zone, then back again over and over. Just a quick glance on the 4hr chart though shows that price is coiling up, the ranges are getting smaller, and this is forming a perfect “triangle” pattern. Federal Reserve FOMC meeting is coming next week, and I have a feeling we finally get a resolution to this chop and begin a new trend.

I was not happy with the close today for the bull case, and bulls have a very small window early next week to turn this around or its a very long way down. Here’s what I’m looking for this weekend ahead