ES Morning Update April 9th 2024

A “pause” day yesterday, which today could be the same if the market is waiting on the CPI tomorrow. I would prefer to see a move up to hit the FP on the QQQ beforehand, which again is around 5280-5290 on the ES, but we might not see it until after the CPI? The market is waiting for something to spark the next move, so there’s nothing to do now but wait.

Keep in mind that the FP could be hit in the premarket session tomorrow and it could be reversed by the open. That has happened before where the futures reaches some level (to run the stops) but the cash market doesn’t. Clearly that’s a issue for people (like me) that don’t trade futures as then one might miss the FP to take a short. Nothing else to cover so I’ll just end it here.

Have a blessed day.