The E-Mini S&P 500 endured a bit of a roller coaster day, as the release of the FOMC Meeting minutes led to some great volatility and big price swings. The ES initially sold off after the release, but buy programs kicked in 2 ticks above an unfilled gap at 1635.75, which sparked a rally of 18.50 points over the next 40 minutes.
The E-Mini S&P 500 has definitely gone lower since its inability to climb above the 1700 to 1702.50 zone, reaching price levels as low as 1641 during the decline. There’s likely more downside ahead, but we must figure out if the market is going to see a short term bounce ahead of the next major wave of weakness.
I’ve had the pleasure of writing MrTopStep’s Opening Print a couple of times in August, which I think you’ll enjoy.
Gold rallied BIG Thursday, as it seems the market began to move money out of stocks and into safety. On the second trading day of the month, I called for Gold to rally big into the end of the month. Halfway through the month, Gold is already within a handful of points of reaching the bottom end of my target range, which shows how truly strong that Gold move was yesterday.
The market continues to remain bullish, with each pullback leading to a high-probability buying opportunity, as was the case during Tuesday’s market. The main level that I’ll be focusing on today is 3140 in the NQ, the E-Mini NASDAQ 100 futures contract.
