More Highs Into Fed Day
by Tony Rago
We’re coming in with more overnight highs as we head straight into Fed day, and that shifts the focus away from prediction and toward reaction. Days like this are rarely about trying to game the decision — it’s the fallout from the press conference that usually sets the real tone. Typically, we grind and chop into the announcement window, with liquidity thinning out and ranges tightening, before volatility expands once Powell starts talking. That’s where levels matter most, and patience pays. ES continues to hold firm near highs, while NQ is still working to catch up and hasn’t fully confirmed with a fresh high yet — something to keep an eye on as we see how we open and whether we can reclaim and break through overnight highs.
The bigger risk today isn’t missing a move — it’s overtrading or overthinking a day that rewards simplicity. Fed days can lure traders into forcing opinions instead of executing plans. Keep it clean, know your levels, and let price tell the story after the event risk clears. If NQ can finally break and hold, momentum traders will have something to work with. If not, chop remains the enemy. Stay disciplined, stay flexible, and be ready when the market shows its hand. Let’s get after it 💪
👉 Full breakdown is inside today’s Pre-Market Playbook. Check it out here and trade it smart.
