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The E-mini S&P 500 rose by about 0.4% in the European trading session as market participants await the FOMC minutes later in the New York session to conclude further scenarios and the direction of the market context.

Tesla and Apple plunged lower as TSLA missed the delivery target and AAPL cuts production due to lower demand which may affect the ES futures contract later on.

The interest rate hikes, inflation, and fears about a recession may be factors to pressure the equity indexes while any drop in the economic data might lead to a slowdown of the pace of hikes which could uplift markets. The central bank may deliver more details about potential further inflation worries.

The daily interval of the E-mini S&P 500 keeps its balanced behavior and has an opening around the middle of the prior Quarter’s value close area, giving room to test the extremes to conclude a rotational scenario to the other extreme. The median-term perspective changed its bias to a slight bullish nuance for core buyers as the bracket lows might be targeted for absorption to build median-term positions. Technically, the market found buyers around the lower extreme of the prior Year’s value close area, hence the market may ‘shake’ towards the extreme to conclude a direction of the path of least resistance.

The short-term perspective opened in the middle of the prior session’s price range and market participants might target the extreme to conclude rotational scenarios while traders wait for the FOMC minutes which may keep the markets balanced. Current bullish intraday factors may lead the market to the upper extreme with supportive buyers around the prior session’s VWAP close level, depending on the auction, presumably.

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