U.S. Mid-Session Brief: More FOMC And An E-mini S&P 500 Teachable Moment

Posted Thursday, August 17, 2017 by
Shain Vernier • 1 min read

Earlier today, I outlined a potential trade for the E-mini S&P 500 futures. Unfortunately, it failed to set up properly and some good price action was missed. If you want to be a trader, get used to it.  At times, getting in on a great short-term trade can be a challenge.

But don’t lose hope; there are plenty of opportunities in the markets!


Teachable Moment

Here is the thirty-minute breakdown of the Emini S&P 500 futures short from earlier. If you were looking at the SPX500 CFD, the price action is very similar:


ES 30 minute E-mini S&P 500- No compression

As stated, I was looking for a hard test of the 38% Fibonacci and a retrace. Sideways trading for at least 30 minutes gives credence to a forthcoming breakout under 2457.25. Risk and reward would be clearly defined according to intraday symmetry.

Of course, sellers did not wait and price ran under 38% with ferocity. If you got in on the action, well done!



Later on in the U.S. session, FOMC members Neel Kashkari (1:45 PM EST) and Steven Kaplan (1:00 PM EST) are due to speak. The comments are not likely to spike short-term volatility in the markets. However, investors will be looking at the tone of the speeches for any hints at coming changes in FED policy.

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