FED Minutes

Context: The Fed is set to release the minutes from its last gathering in July, when policymakers unanimously decided to keep interest rates unchanged and said they planned to reduce the central bank's massive holdings of bonds "relatively soon." Details of the discussion could further cement the expectation that the Fed will begin reducing its balance sheet at its next meeting in September.

/ES Value: YVAH 2466 YPOC 2463.75 YVAL 2461.75

/ES Plan: Yesterday closed bearish (GAP 2463.75), back to previous value. Overnight range (2461.50-2471.25) is bullish. We're moving above yesterday's value, struggling at CHVN 2470s zone, so we've 2 options:

A) If market moves above YVAH 2466 and remains above that level on subsequent tests, it is a clearly bullish signal, so try to be a buyer leaning on LVNs towards ONH 2471.25, and NK-SoC 2478. Internals should be neutral or positive.

B) If the market begins to trade below YVAH 2466 and volume increases at lows, then try to be a seller towards GAP 2463.75 and CLVN 2461. Internals should be neutral or negative. If market push below 2461, keep selling towards CLVN 2453.

Tips: Market comes back to previous value so expect to spend a little time within this large consolidation range before another round starts at FOMC minutes. New all time high has a chance.

Today's Economic Calendar

08:30 AM Housing Starts
10:00 AM Atlanta Fed's Inflation
10:30 AM EIA Oil Inventories
02:00 PM FOMC minutes

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

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