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Reacting to Fed Minutes Report, Sellers Collapse Market

In reaction to yesterday’s Fed Minutes report, sellers collapsed the market back inside our larger Fibonacci Grid.

 

By Corey Rosenbloom

However, buyers stepped in this morning exactly at our 38.2% level. Exciting!

Here’s today’s updated Emini (@ES) trading levels for your trades:

Traders hate traps but they are a factor of trading life.

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Yesterday’s Bull Trap (failed initial breakout) sent shares tumbling back toward our key 2,345 target.

This morning’s rally took us – for now – to the midpoint of our highlighted Fibonacci targets within the range.