S&P500 (ES) 3 Month Ascending Wedge Nearing End Ahead of FOMC

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The S&P500 (ES) continued grinding higher this past week and is bumping up against ascending wedge resistance (on the 4hr, daily and weekly chart). The ES will likely consolidate going into Wednesday's US rate announcement and FOMC released at 2pm EST, with traders bracing for volatility soon after. Regardless of the reaction to the FOMC, traders will continue remaining on edge for any developments around the Article 50 extension vote from the EU this Thursday and the ongoing US and China trade deal negotiations. The weekly, daily and 4hr Stochastics are turning increasingly toppish, but currently still offset by the rallying or bottomish weekly, daily and 4hr RSI and MACD. I am looking at entering short in the red zone (of the daily chart), targeting the green zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

S&P500 (ES) Weekly/Daily/4hr

ES (S&P500) Technical Analysis

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