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Close on the Retracement. Now What?
After a nearly 100 ES point bid off of the most recent 2013 lows, we have now managed to retrace to an area between the 50% and 61.8% fib levels of approximately 2060 on the Sept ES contract. What was interesting today, though, was the fact that the buyers responded at the lows, bidding back to within striking distance of the session highs. With this type of price action, ideally we want to see some upside follow-through tomorrow. The good news is that Yellen and the FOMC offer just the opportunity for such volatility and potential price action.