New York Stock Exchange

ES 500 Mini Futures – New All Time Highs Ahead Of FOMC Meeting – Potential Targets

Hello Traders,

The ES 500 Mini futures hit a new all time high during the US Elections and currently trading above the $5900 area. The elections have confirmed the 47th president of the United States, Donald Trump after accumulating over 277 electoral votes against 224 for Kamala Harris. Needless to say after the political uncertainly last week, the main US Index SP500 futures market namely the ES500 trading at all time highs after maintaining support from the near term cycle from 05.08.2024 ahead of the upcoming FOMC meeting due tomorrow, November the 7th.

The Federal Reserve tomorrow is expected to cut rates by at least another 25 basis points according to most analysts expectations as last week only a 12k new jobs have been created for October in the monthly Nonfarm payroll’s data with however a stable unemployment rate maintaining the 4.1% mark. Rate cuts provide more optimism amongst investors as well as would be interesting to see whether we see another surprise from the Fed by another bigger rate cut such as 50 bps like we saw September 18th at the prior meeting.

ES500 Mini Futures Daily Timeframe Technical Outlook – Potential Targets Near Term 

ES 500 new ath 06.11.2024

As we can see we have a trend based Fibonacci extension area between the first swing up from 05.08.2024 and the pullback from September between the $5949 – $6289.75 which is the 100% – 161.8% extension area. The RSI trendline suggests that the cycle remains intact and the momentum remains bullish near term with the price potentially reaching higher into the 1.618 extension area.

The overall price action appears to be forming a bullish leading diagonal and a potential breakout might be of greater magnitude to possibly reach the mentioned target areas. The upcoming potential rate cut should support the view and traders should anticipate the remarks from the Fed’s chairman Jerome Powell during tomorrow’s meeting at 19:30 GMT.

If you are new here and you do not already have a trading account you can sign up at: https://www.oneroyal.com/en/

Risk Disclaimer: The information provided on this page, including market analysis, forecasts, and opinions, is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instruments. Investing in financial instruments involves significant risk, including the potential loss of the principal amount invested. Leveraged products, such as CFDs and forex, carry a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The firm does not guarantee the accuracy or completeness of the information provided and shall not be liable for any losses or damages arising from reliance on this content. By using this page, you acknowledge and accept these risks.

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on email
Email
  • All
  • Blog
  • Economic Events
  • Featured Articles
  • Learn to Trade
  • Market Analysis
  • Market Analysis
  • News
  • News
  • OneRoyal News
  • Press Releases
  • Uncategorized
  • أخبار OneRoyal
  • الأحداث الاقتصادية
  • تحليل الأسواق
  • تصريحات صحفيه
  • تعلم كيف تتداول
  • غير مصنف
  • غير مصنف
  • مقالات مميزة
New York Stock Exchange
Blog

ES 500 Mini Futures – New All Time Highs Ahead Of FOMC Meeting – Potential Targets

Read More →

Newest From Category

Newest from