Our projection proved to be correct. As I mentioned last Friday, futures would pull back ahead of the Fed meeting and reverse after Fed.

Futures spiked higher overnight on trade deal news, with the ES1!7,785.5 testing key resistance around 5720 butfailing to break through. So far, the index has been range bound between the low 5700s and low 5600s.Despite positive catalysts, from China trade talks to the UK trade deal, the index has struggled to breakout of this range. What doesnt go up on good news may come down on no news.

ES daily, struggling around the broken channel line.

We may put a ST low below 5600 after tagging the red neckline. The downside appears incomplete, but continuous news flow is truncating intraday moves. Eventually, the index will do what it must. I expect aST low below 5600. Once this move concludes, we may finally go for the tulips.