ES Morning Update July 29th 2019

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Futures are basically flat this Monday morning but if you look closer they seem to big in a rising wedge pattern now with a purple trendline of resistance overhead and orange trendline of support below. Since the market is still in a "waiting" mode for the FOMC meeting this coming Wednesday we might not see much movement today as this rising wedge doesn't come to a peak until tomorrow from the looks of it. I'd love to see it breakdown today but with the meeting still two days away I don't think there will be much action or volume to cause a breakdown, or breakout.

But if we stay in this rising wedge all day long (seems likely) the odds for a breakdown or breakout are pretty strong for Tuesday morning. I may look to take a trade going into Tuesday and will post it in the chatroom by the close today if I see this as likely to happen. As for the rest of this week I do think we'll see a "sell the news" event after the FOMC as clearly we've been going up in front of it (aka... "buy the rumor"). I'll get this update short as I don't see much else happening today. Have a great Monday.