FED Minutes

Outlook: Euro hit a two-week high on Wednesday as European markets took relief from Catalonia stopping short of declaring immediate independence from Madrid. At the same time, the Federal Reserve will publish the minutes from its last minute later with a third U.S. rate hike of the year now looking nailed on for December.

/ES Value: YVAH 2549 YPOC 2546.75 YVAL 2545

/ES Plan: yesterday market has printed new record high and takes a breath. After Catalonia suspended independence "for weeks", buyers tried to push above LVN-LIS 2548 and closed above that level, leaving a bearish imbalance (PBT 2540). Overnight inventory is bearish (PBT 2543) moving within yesterday's value so we've 2 options:

A) If market moves above YVAL 2545 with volume rising, try to be a buyer leaning on 2545 towards GAP-YVAH 2548.50-2549 and ATH 2553.25 Failure to take out ONH early is signal of weakness.

B) If market moves below YVAL 2545 with volume falling, try to be a seller leaning on 2545 towards PBTs 2543-2540 and LVN 2538.50 Failure to breakdown ONL early is signal of a strength.

Link for Updates (Check it during RTH session)

Tips: We're into 'exploration phase', trying to find acceptance into this new range. Remember, market is an auction and price is set through a process called “price discovery”. This is where the buyers and sellers will continue to sweep the range in one direction or another until the opposite force is motivated enough to step in and stop the advance. The market will auction as it needs to in order to find 'value', acceptance.

Today's Economic Calendar

09:00 AM Fed's Evans Speech
10:00 AM JOLTS
01:00 PM 3-Year Note Auction
01:00 PM 10-Year Note Auction
02:00 PM FOMC minutes
02:40 PM Fed's Williams Speech
02:50 PM ECB's Praet Speech

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.

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