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Looking for Lower Prices in ES

Yesterday, the Federal Reserve raised its target rate range by another 0.75%…

This was the third rate hike of this magnitude this year, and it looks like rates will continue to rise until inflation is under control.

This tightening of monetary policy is hitting the markets hard again this week, and that’s keeping the S&P 500 (ES) futures market stuck in its down trend.

So today, let’s look at the ES and see where we’re expecting it to move next… 

ES Still Trending Lower

Here’s how the chart is shaping up and how we see the market developing…

S&P 500 Futures Contract (ES) Price – Source: TradingView

The RTY daily time frame is in a down trend. The market is making lower lows and lower highs.

The market has a down Fibonacci with an extension price point 3,609.00, about -1,174 ticks below the market.

It will be a good idea to turn to the one hour time frame and look for high prices in the sell zone.

The Bottom Line

There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks… 

But my colleague and stock trading pro Ross Givens has come up with some incredible strategies of his own that continue to impress.

If you’re interested, check out the important P.S. below…

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!

Click here now to subscribe!

Keep on trading,

P.S. My colleague and expert stock trader Ross Givens is continuing to work on many of his strategies and his overall research. 

And in particular, he has some great “stealth” trading ideas that the market is missing… but you don’t have to.

To learn more, click here!

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