ES exceeded the 6625 ST target overnight on Tuesday (dashed line). I wrote that if 6625 was reached it might mark ‘a level of temporary exhaustion‘ (09/12) and little time has been spent at or above that level since it was tested.
Ahead of the Fed decision today ES may want to revisit the ST Control at 6592 but a break to a new high at any time would move the ST upside target to 6700. Downside there is Major Support at 6481.
No indications of weakness yet and Significant Selling has not been marked since 08/19.
