Mid-Morning ES Price Action Chart 03-16-2022

The reversal followed through this morning and prices are trending higher. Prices pushed through both the mid-line and the EMA on the daily chart and did so strongly. We might still be in a range on the daily, but if so, there is still more room to the upside if the market chooses to trend higher. There is an FOMC announcement today, so be flat going into that news. I would not take any new trades after Noon CST, and I would be completely flat of any on-going trades by 12:45 PM CST.

This is likely to be a volatile news announcement, so be prepared for the possibility of a wild day in the end. For now, the trend and bias are up.