ES Morning Update March 21st 2018

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Ok gang, today is FOMC day so I don't expect much action until it gets closer to 2pm EST. Of course no one knows which direction it's going to go but my plan is to wait and see. I hope is that it will tank afterwards into the close and if deep enough I'll look to get a long position as I think this is going to be a big bear trap and fool the masses with a very strong rally afterwards. Now, there is a possibility that it might go down into Thursday as well and then start the reversal back up on Friday, so I'll be watching for that too. Of course if it rips higher after the meeting I'll likely sit on my hand and wait for it to stabilize as it could be the "fake out" up move and then back down hard to shake out both bulls and bears.

Just note that I'm short term bearish, as in today and possibly tomorrow and then medium term bullish... as in, I think a strong multi-day (maybe weeks?) move up is very close to starting. My goal is to catch the bottom right before it rips higher without letting anyone get long after starting. It's hard to do as we all know how fast the up moves go after they get started. There's hardly any pullbacks. Anyway, for today the support on a down move is the lower trendline in the falling channel in light purple. Currently it's pointing to around 2670 or so. That's a pretty big drop so I'm not sure if we'll see it but never the less that's the support area. On the upside resistance is just a few points higher currently from the falling uptrend line of that same channel. That's the range so now we just wait and watch until the meeting starts. Good luck to us all.