Just a hair until the July high now on the ES, so it looks likely that it will pierce through it to run some stops. But I must point out that the market is still waiting on the FOMC tomorrow so we should not get any big moves until then.
And speaking of the meeting, the herd is expecting a 0.25 rate cut with a possibility of it being 0.50, which is part of the run up into it as people front ran the rumor. It smells of a trap to me as if the masses all think the same thing what happens if they are wrong? I mean... what if they don't do any rate cut, or cut more then 0.50? I'm simply trying to take the other side of the herd and something is off here in my opinion.
Let's not forget the short term technicals that are now overbought with the weekly chart bearishly aligned and pointing down. The daily is mixed so it's not giving any clues, which means it's just the short term right now and the weekly chart that is in focus.
Nothing really to do right now as we wait on the Fed tomorrow. It's very possible that it will be a "sell the news" event.
Have a blessed day.
