Posted 7:52 am PST.
The key feature in today’s intraday update is the opening reversal on the pullback to the moving average. A swing up from a major trend reversal usually is followed by a large trading range, which is likely today.
The Emini reversed up at the moving average at 7:25 am PST, forming a second entry opening reversal and a wedge bull flag. However, a trading range is still more likely. The bears want a reversal and then a test of yesterday’s low, and the bulls want a broad bull channel and a move above yesterday’s high.
The FOMC minutes get released at 11 am, and that could lead to a breakout up or down.
As of 7:45 am, the dominant event has been the strong reversal up at the moving average. As long as the market stays above the low of this bull spike (the low of the day), traders will buy pullbacks.