Market Overview:
The daily trend remains generally bullish, although recent sessions have manifested a sideways consolidation just beneath recent highs. Analysis of the 4-hour chart reveals a compressed range characterized by lower highs and higher lows, with prices maintained above the significant weekly demand zone between 6,600 and 6,640. On the hourly chart, the market has recently tested the support band at 6,840-6,850, currently resting at this level while momentum indicators suggest a potential upward reversal from a short-term oversold condition.
This price action appears more indicative of a pause at the lower boundary of the recent trading range rather than an outright breakdown.
We will continue to monitor the established levels for the week; prices have oscillated within these parameters without any clear break, suggesting that while the landscape of the market remains static, our positioning within it continues to evolve.
Overnight Developments Ahead of FOMC Meeting
As we head into the FOMC day, the prevailing market sentiment appears stable, with a slight upward bias as long as the support level around 6,840-6,850 holds firm. Asian and London sessions may experience dips below today's lows; however, if we manage to close above the first support level (S1), there remains potential for a rebound toward the 6,870-6,900 range as we approach the New York morning session.
Conversely, a decisive break and sustaining an hourly close beneath 6,840 would likely trigger a deeper examination of the second support level (S2), situated between 6,780-6,805, during either the European or early U.S. trading hours. With the Federal Reserve's announcement imminent, we anticipate more pronounced market moves could arise predominantly once we break free from the S1/S2 or R1/R2 boundaries, rather than from the current middle of the trading range.
A++ SETUP 1 - LONG
Enter: 6,790 - 6,800
SL: 6,770
TP1: 6,850
TP2: 6,900
TP3: 6,920 - 6,945
A++ SETUP 2 - SHORT
Enter: 6,925 - 6,935
SL: 6,965
TP1: 6,860
TP2: 6,800
TP3: 6,750
High impact news/events for tomorrow
2:00 pm - Fed interest rate decision and FOMC statement (last Fed meeting of 2025)
2:30 pm - Fed Chair Powell press conference
10:30 am - EIA weekly crude oil inventories (US oil stock data, often moves CL and ES/NQ via risk sentiment)
10:00 am - US Wholesale trade & inventories (medium impact, can move ES a bit if there is a big surprise)
Good Luck !!!
The daily trend remains generally bullish, although recent sessions have manifested a sideways consolidation just beneath recent highs. Analysis of the 4-hour chart reveals a compressed range characterized by lower highs and higher lows, with prices maintained above the significant weekly demand zone between 6,600 and 6,640. On the hourly chart, the market has recently tested the support band at 6,840-6,850, currently resting at this level while momentum indicators suggest a potential upward reversal from a short-term oversold condition.
This price action appears more indicative of a pause at the lower boundary of the recent trading range rather than an outright breakdown.
We will continue to monitor the established levels for the week; prices have oscillated within these parameters without any clear break, suggesting that while the landscape of the market remains static, our positioning within it continues to evolve.
Overnight Developments Ahead of FOMC Meeting
As we head into the FOMC day, the prevailing market sentiment appears stable, with a slight upward bias as long as the support level around 6,840-6,850 holds firm. Asian and London sessions may experience dips below today's lows; however, if we manage to close above the first support level (S1), there remains potential for a rebound toward the 6,870-6,900 range as we approach the New York morning session.
Conversely, a decisive break and sustaining an hourly close beneath 6,840 would likely trigger a deeper examination of the second support level (S2), situated between 6,780-6,805, during either the European or early U.S. trading hours. With the Federal Reserve's announcement imminent, we anticipate more pronounced market moves could arise predominantly once we break free from the S1/S2 or R1/R2 boundaries, rather than from the current middle of the trading range.
A++ SETUP 1 - LONG
Enter: 6,790 - 6,800
SL: 6,770
TP1: 6,850
TP2: 6,900
TP3: 6,920 - 6,945
A++ SETUP 2 - SHORT
Enter: 6,925 - 6,935
SL: 6,965
TP1: 6,860
TP2: 6,800
TP3: 6,750
High impact news/events for tomorrow
2:00 pm - Fed interest rate decision and FOMC statement (last Fed meeting of 2025)
2:30 pm - Fed Chair Powell press conference
10:30 am - EIA weekly crude oil inventories (US oil stock data, often moves CL and ES/NQ via risk sentiment)
10:00 am - US Wholesale trade & inventories (medium impact, can move ES a bit if there is a big surprise)
Good Luck !!!
If you want to contact me Email: info@algoindex.com or algoindex.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
If you want to contact me Email: info@algoindex.com or algoindex.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.