FedEx's gloomy earnings and guidance and more financial sector woes, propelled prices lower. Following the early swing low, markets retraced and then retested the lows. Still the intraday price action was negative given the lower highs on each retrace. After hours, the E-mini NQ futures have just retested today's lows.
As mentioned previously, this market is largely headline driven, so it's important to get a good feel for the pre-market drivers in order to be able to seize the best trading opps when the regular session gets underway.
On an intraday basis, watch how price reacts to the unfilled gaps highlighted on the 15 min. time frame above.
Economic Calendar: Initial claims in pre-market, Leading ind. and Phil. Fed at 10:00 EST.
I'm off tomorrow, back here on Friday.
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