ES Update

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Trading range between 1152.25 to 1211.75

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As I pointed out yesterday, 1182 area was a target for the post-FOMC squeeze, and so basically anyone who shorted into the FOMC meeting and failed to cover at the downside targets was squeezed back to their stops yesterday on this counter-trend push up from the partials/countertrend buy target at 1105.50

Now ES is back into a volatility zone midway between the two post-FOMC stop-running targets (1223.50 and 1214.50).  (1224 was the original upside target, but ES has since built a lower structural high at 1214.50)

My VST read generally agrees with S&T’s trading range in that under the 1155 area (which lines up with S&T’s 1152.25) bears would be unlocked from the squeeze into the 9/21 FOMC bar range (1155-1203.75) and we could get downside acceleration if that happens, whereas a move above yesterday’s high at 1190 could next target 1214.50 (which lines up with S&T’s 1211.75) for a double stop sweep after FOMC.

…my .02

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