ES Morning Update December 12th 2017

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Not much to add today that wasn't said yesterday.  The most important market moving event this week is the FOMC meeting tomorrow.  If they raise rates then there might be some pop higher but I still think it will rollover afterwards like the pop higher did a week ago on the Monday following the passing of the tax bill.  This FOMC meeting should be no different... another "buy the rumor, sell the news" event.  Of course if they surprise everyone by not raising rates then look for a sharp drop, other wise it should be another pullback into the remainder of the week.  Santa isn't here yet as many traders seem to think he is, but the Santa rally doesn't really start until the day after Christmas so the market can still pullback before then and all will still be well for the bulls.  Anyway, for today I have no opinion on what might happen.  The futures are just .50 cents from a new all time high so it could easily push on through if it wants too... or just stop here and see if the bulls bite and go long while the bears bailout expecting a rip higher as well.  Nothing to do but watch today as I don't see any good setups short or long.