E-Mini S&P 500 Futures Detailed Review for Wednesday March 17, 2021
Today’s E-Mini S&P 500 futures (CME: ES, MES) detailed review.
There wasn't much today.
The long at initial key support was clear. Buyers were pretty weak off here in the ES and the broad market and price tested the area a second time before buyers pushed up again. Same weakness and I decided to scale at the previously made swing high. The remainder of the position was out at b/e when sellers took price down again.
After buyers failing off initial key support, the scenarios called for a push down to the 3920s-3926s. Even though there was strong selling into initial key support, selling dried up at that zone and I took the planned long there expecting a push to the day's VPOC. The rest of the day was expected to balance around initial key support leading into FOMC according to the scenarios and that is what happened.
FOMC movements are not tradable and I'd never attempt to trade it.