Morning Insight - ES

9/11/2024 - CPI Wednesday

Sep 11, 2024

Good Morning Traders,

Today is CPI day, and we’re expecting a massive amount of volatility. Even the options market has priced in larger-than-normal moves, so it’s important to be cautious. The CPI report drops pre-market, and we’re almost guaranteed to see some shakeups in the market.

Currently, we’re still trending up from the daily level of 5396, and the price action remains fairly bullish. However, we’ve yet to regain the 4-hour timeframe level at 5513.75, which I encourage you to watch closely. With today’s volatility, anything can happen. If the 5513.75 area provides enough of a reaction, we could test the recent lows. On the other hand, if the bulls take control, we might see a significant move higher, possibly breaking above the 5530 level.

Today’s setups aren’t looking great for me, so I’ll be sitting on my hands, waiting for something clearer to unfold. I recommend the same caution for everyone else. It’s tough to pick a direction right now, as we’re trending downward but drifting up to retest lost levels.

Remember, cash is a position—don’t force trades today. Stay safe, be patient, and let's conquer these markets!

Ryan Bailey
VICI Trading Solutions

NEWS