Prices have a mild upward bias so far this morning, but they are still struggling to go higher and are mostly rangebound for now. Note that there is an FOMC minutes release at 1 PM CST today, and that could send the market off in either direction again, so be flat an hour prior to that coming out today if you are trading.

For now, I would call the trading mixed and this a range day, as the breakout does appear to have failed at this point. Looking at the daily, we could be setting up a bottom, but if it holds right now, that would be anyone’s guess only, as this market is super emotional, and still very oversold. Maybe we will get some good news about upcoming rate changes and that will stimulate the market instead for a bit. Sit tight and we will know soon maybe.

For now, just expect more mixed trading and for the range to be the dominant pattern. Until something changes that, we will probably see fast moves in either direction.

Mack’s 2000 Tick ES Chart for 04-09-2025.
Mack’s Daily Chart with the Envelope Bands/Strategy.

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