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Good Wednesday Morning, MPTraders! June 17, 2026-- Pre-Market Update: -- Today is and will be all about new Fed Head Kevin Warsh's impact on the FOMC, on the wording of his first monetary policy statement, and on the markets during his inaugural press conference...
Let's take a look at a setup we saw on June 9th in NQ futures. We had a relatively wide zone of support in the 28339-28616 area that was tested in early June. See the NQ daily chart below.We you see a zone "hold" (essentially remain above or into this zone), this is when you want to start watching for buy triggers against this zone. For a swing trade entry I like to focus on the 30-minute chart with the 8/34 ema crossover and taking out a prior swing high for the trigger.
As I outlined over the weekend, the potential 1-2 downside structure was not terribly reliable due to the wave 1 being a potential leading diagonal. And, as I have noted many times before, leading diagonals are not reliable since they resemble corrective structures and often invalidate as leading diagonals.Therefore, we wanted to wait for another 5-wave decline to signal a 1-2, i-ii structure is developing. With today’s decline, have that potential.
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