Price action played out as anticipated. It was an inside day. Overnight session appear to have just been a continuation of price action that had been disrupted by the tweets thereby creating some obfuscation of intent.
Overnight the downward action continued on good volume of about 330k contracts. VPOC established below yesterday and Tuesday’s.
I am expecting price to come back and test the overnight lows before going back up to test yesterday’s close or POC. There are a couple of high impact scheduled events which may disrupt the action. I would not trade until after the Fed speech and PPI figures have been release.
Depending on the figures, price could come down to as low as 2842-52 area before going up.
Overnight the downward action continued on good volume of about 330k contracts. VPOC established below yesterday and Tuesday’s.
I am expecting price to come back and test the overnight lows before going back up to test yesterday’s close or POC. There are a couple of high impact scheduled events which may disrupt the action. I would not trade until after the Fed speech and PPI figures have been release.
Depending on the figures, price could come down to as low as 2842-52 area before going up.