ES Weekly Analysis Sept 2
This week, since we are nearing the previous all time high, I decided to draw monthly and weekly overlapping Fibonacci. Last week price was choppy. I would expect a breakout soon, as we near the next FOMC Fed Rate decision.
From the weekly perspective, there is large support FVG below, with wicks left in it, signaling that at some point, price will need to retest 5566.
From the daily perspective, there is a tiny resistance FVG that is awaiting closure at 5672.
This week is the first trading week of the new month and we have busy week of inflation data. The data this week could help us determine the FOMC's feelings regarding their stance on reducing the interest rates this month.
From the weekly perspective, there is large support FVG below, with wicks left in it, signaling that at some point, price will need to retest 5566.
From the daily perspective, there is a tiny resistance FVG that is awaiting closure at 5672.
This week is the first trading week of the new month and we have busy week of inflation data. The data this week could help us determine the FOMC's feelings regarding their stance on reducing the interest rates this month.
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