Mack’s Mid-Morning ES Chart 04-29-2026

Today is an FOMC rate decision day, so you should not take any new trades after 12 Noon, CST. If you are already in a trade, be sure you exit before the news announcement at 1 PM CST. You never want to be in the market during a rate announcement, as you can get caught up in some really crazy moves and usually it will not work out in your favor, so avoid trading during this announcement over all others. Sometimes it is a dud, but it is not worth the risk, so no new trades after Noon, and be flat before 1 PM CST.

Prices traded lower during the overnight session, leaving another overhead gap on this morning’s chart. Prices appear to be working higher in an effort to fill that gap, and that target would be up at 7172.50. Mixed trading going into the rate announcement would not be unexpected and many times prices will just chop around without any real direction on FOMC days, so keep that in mind. That does not mean prices cannot or will not move or have some good setups, just be wary of getting caught up in mixed trading and slow sideways trading.

For now, the bias is sideways to mildly up as prices appear to be working to fill the overhead gap. Stay with that until the chart shows us otherwise. With a new Fed Chair, it is difficult to know how today’s rate change will go, so stay flexible and do not get caught off guard if there is wild movement or some kind of surprise to the markets today.