$ES #ES-mini #breakout
Normally FOMC days bring volatility to the market. Yesterday was no exception.
We got several wild swings but essentially after those two big swings up, then down, and up again, ES-mini came back to that very same critical Monthly Resistance level 6,873.25:

What matters here if bulls manage to get over the Monthly Resistance and by doing that they can trigger a Santa’s rally with initial targets at levels R1, R2 and R3 (see teh chart above).
However, if bulls fail here to break over the Monthly Resistance again we should expect a trip down to the green monthly support 6,805. And a drop under the Monthly Support would invalidate my primary bullish scenario:

ES-mini 120 min chart
The picture in NQ-mini looks very similar:

Bulls need to break over the Monthly Resistance 25,685.
By breaking over the Monthly Resistance bulls can trigger a Santa’s rally targeting R1, R2 and R 3 levels.