Good morning traders, The market is undoubtedly changing. We are seeing some “prop” action from the Fed by injecting the market with Repos. On the Technical side we are seeing the S & P unable to make a New high on the Daily chart. The price action has pushed it back up to the 3020 tick area, but consolidated there before turning south breaking through previous resistance.
Looking at the chart above we can see twice the S & P not able to break resistance and is currently at a daily support area! This is an area of interest because the current eco-political climate could trigger some market trouble. With the Fed injecting the market and “impeachment” talks, we could see a downward trend in the ES.