The Fed has pushed the markets to unhealthy extreme levels as evidenced in my weekend posts below...if they insist on continuing along this same path, then they are simply running on "Artificial Intelligence," in my opinion.
That being said, I'll have to see how the markets trade, either continuing to bounce around in between their Daily support and resistance levels (see "Fat Finger" post below for chart grid of YM, ES, NQ & TF), or whether they break out on sustained momentum in either direction...in order to daytrade within the confines of any of these scenarios, I'll be drilling down to smaller timeframes and using my little "bag of tricks" to see whether any decent trades set up on TF before the Fed meeting on Wednesday. The potential exists for some big moves, as well as a "fizzle" until then. The key to all of this may lie in volume levels...will see how all of this plays out.
"Intaxication" -- Euphoria at getting a tax refund, which lasts until you realize it was your money to start with.
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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Mon. May 28 ~ U.S. markets closed for Memorial Day Holiday
* Wed. May 30 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 1 @ 8:30 am ET ~ Employment Data
* Tues. June 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. June 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Thurs. July 5 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* JCPOA - Will President Trump recertify the JCPOA on May 12?...stay tuned...May 8 the answer is "No"...US pariticipation in the deal
is scrapped...new sanctions coming for Iran and, possibly, for nations supporting Iran.