For all the talk and concern about the Fed’s actions combined with questionable economic numbers, the trend of the E-mini S&P is still up $ES_F .
Notice how we continue the eternal patter of finding support at the 200 SMA. Also notice the giant price wedge that has formed dating back to the mid July test of the same 200 SMA. Typically this would indicate a larger move is coming, however, the potential September rate hike may make this a more elongated pattern than ususal.
Click image to expand.
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