ES Futures continue to consolidate along the 21 EMA ahead of CPI and other data this week.
Tomorrow is the big day with CPI and FOMC Meeting Minutes tomorrow.
It’s a jam-packed day and should bring a slew of volatility. At 8:30, 1:01, and 2:00, you can expect an initial spike in either direction (very often to one of my levels below), then hesitating before and opposite reaction or continuation.
Some traders love this price action, while others prefer to let the dust settle and pick up a slower data digestion trade. Another group will avoid the day all together and pick things up tomorrow after the intraday volatility offers up information on market participants’ willingness to increase or decrease price.
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