Stocks Analysis by Al Brooks covering: S&P 500 Futures. Read Al Brooks's latest article on Investing.com
went outside up yesterday and closed on its high. The bulls hope they will get a second leg up after the June 5th bull breakout.
Traders will pay attention to see what kind of breakout the bulls will be able to get. The bulls need a strong close today, increasing the odds of higher prices. Even if they get a bull breakout above the June high, they will need a decent follow-through bar.The Globex market recently formed an upside breakout during the CPI report released at 8:30 AM EST. The breakout bar is strong enough for a second leg up.
Traders should expect a trading range open. This means they should consider not trading for the first 6-12 bars unless they can make quick decisions. Traders should assume that the FOMC release will lead to a trading range. However, they must be prepared for a strong breakout and trend.The market may get neutral leading up to today’s FOMC report. This means that the first half of the day might have a lot of trading range price action.
It is important to understand that most swing setups do not lead to swing trades. As soon as traders are disappointed, many exit. Those who exit prefer to get out with a small profit , but often have to exit with a small loss.
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