Professionals added to their Short positions this week. The Commitment of Traders reading is -7.2% of total open interest, up from -6.5% last week. The Large contract ( S&P) professionals are still more bearish that the Mini (ES) contract Professionals .
SETUP: Inside Day ( NR6 ) Bearish Doji Formation on the Daily ESZ9 Futures. RSI(2) 71 Down from 100 Oberbought Reading.
Entry : SELL Prev Close at 1061.00 Target : 1052
Next Wednesday 9-23rd is "FED Day" or FOMC Announcement. The last FOMC rate change announcement on 12 August 2009 when the FOMC kept the rate in the 0% to 0.25% range. Two days later the Market Dropped below the Support of the FED Day.
It is very likely this will happen again , not exactly but it will probably drop within a day or two of the Announcement.
Sunday, September 20, 2009
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