Mack’s Mid-Morning ES Price Action Chart 09-20-2023
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Today is an FOMC rate announcement date, so things are likely to be quiet ahead of that news item. Anything is possible at 1 PM CST though, so be flat about an hour before 1 PM CST, as the volatility is not worth the risk. Just sit tight until after the news, then when things settle down again you could look to get back in if needed. Just be flat an hour prior and wait on things to settle down afterwards.
For now, things seem to be range bound, which is not uncommon on FOMC days, as many traders sit idle waiting on the news. That does not mean we cannot or will not see any movement prior to the news coming out, but normally things are rather quiet going into this announcement, so be aware of that fact.
As of now the trend and bias are mixed and flat.
