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The E-mini S&P 500 Futures contract, which fell by about 0.2% in the European trading session, trades balanced ahead of the Fed meeting this week.

• US stock futures were down slightly on Tuesday ahead of the Federal Reserve’s policy meeting.
• Futures contracts tied to the three major indexes fell by at least 0.1%.
• Investors reacted to news that JPMorgan won the weekend auction for troubled First Republic Bank, leading to losses on Monday.
• Subdued trading activity is expected in the days leading up to the Fed policy meeting, where another 25 basis point rate hike is widely expected.
• Markets will focus on guidance for the future path of rates.
• Key data releases on Tuesday include job openings, factory orders, and light vehicle sales, as well as earnings reports from major companies such as Uber, Pfizer, Ford, Starbucks, and Advanced Micro Devices.

The TPO profile structure of the market closed with a balanced price range on Friday, leading market participants to potentially lean on the extremes to conclude rotational scenarios. The prior low has been taken out, potentially changing the current bias to technical bearish, with selling around the prior volume-weighted average price (VWAP) close level. However, there is potential for absorption around the lows, which could auction the market up into the previous session again to conclude rotation to the upside.

Today’s bias calculation appears to be mixed, with a higher dollar that actually trades with a bearish tendency. Traders may need to conclude balanced scenarios while the hourly target could be the Quarter’s upper value extreme to find buying opportunities.

4 Days Ago

The intraday interval might find buying around the current swing lows of the session which could the market to clear the highs of the session for the purpose of absorption. Caution beware of the technical bearish nuance with the swing failure on the daily interval.

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