Traders slowly give back gains in a quiet news cycle with markets continuing to be muted into Jerome Powell’s remarks that are coming on the calendar today as he speaks on Capitol Hill.
Fed funds futures are pricing in 100% chance of rate cuts.
This is very interesting, as nothing is ever 100% in the markets.
Bullish undercurrents rise at the dips yesterday found buyers ready to participate. Getting through overhead resistance will be key and it could have either the catalyst or the kibosh effect.
Gold is range bound with the dollar into this event with the Fed speak over the next two days on the Hill.
THE BIG PICTURE -Daily momentum is positive to neutral and bouncing off daily support levels noted but with resistance nearby.
S&P 500 Futures Trading Chart – July 10
INTRADAY RECAP – Neutral and broadly rangebound as traders move in to test resistance above after bouncing off support below. Selling ES near failed test of 2981 with stops a bit wider if getting stopped out is a concern- or buying near 2960 – with wider stops also. In crosscurrent trends, watch your size. Whipsaw is likely between these two levels. Holding 2960.5 is now the critical zone to hold through the noise.
NEUTRAL SLANT – CROSS CURRENTS PRESENT -PRICE COMPRESSION PRESENT
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.