US500 has already taken yesterday’s high at 3963.3 during the London Session and that’s well before the release of the FOMC Statement, Funds Rate and Press Conference. Yesterday, US500 rebalanced a daily fair value gap (3920.8 - 3907.3) and it’s unclear if the market now wants to reprice higher to the Daily FVG (4106.7 - 4030.5) resting above the current market or continue to seek sellside liquidty below 3913 or even the low hanging fruit at the gap left between 16:45 - 18:00 yesterday (3939.5 - 3938.8). I’ll be completely open minded today, as usual. If a bullish setup presents itself (that fits my plan), I have my targets in mind but if a bearish setup presents itself (that fits my plan) I’ll be looking for bearish opportunities back down to yesterday’s gap if there’s decent displacement to the downside, leaving a FVG behind that’ll offer an optimal trade entry during the NY Session.
Comment:
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