WTF Chart of the Day: What The Beep Is Going On With S&P 500By on 2013 Oct 28 Mon 21:42:43
Following is the chart of S&P 500 Emini future 15-minute chart, regular trading session only since Oct 23, 2013.
Many traders are scratching their heads wondering what is going on.
An 8 points only channel for 4 days?!
Well, it is not something new. Whenever S&P has to be carried to certain print level for a purpose, this happens.
This is what happened back in end of Jan 2013
Jan 30th was FOMC Meeting announcement day.
Notice the compression really starts from 5 trading days before the meeting day.
Oct 30th is the upcoming announcement day and we have this compression / up channel setup in place.
S&P 500 is just playing the same script again.