HollowMn

!ES_F 1.31 Overview and levels

CME_MINI:ES1!   S&P 500 E-mini Futures
Overnight inventory was long and balanced between 4400-4437. Took us all night to be able to get under 4400 which means we have a lot of buyers down there. Today what we want to see if we will continue our strength from Friday and keep going up. Will we test the breakout area at 4480 or will we balance after choppy and volatile week last week. We have 4432-4437 as our Key intraday resistance which if broken can lead us to 4465.25-4460.25, 4475-4479.75 on the upside. On the down side we have PM support around 4405-4400 and if we break and hold under we can see a test of 4392.25-4389.75 and if enough inventory can test 4378.50-4374.75 which is our Key support on the downside, if we break it then the move on Friday was just short covering and we can come back down areas to watch for if we do are 4362-4359, 4350-4345 and 4327-4321. It might be a back and forth day between the Key support and resistance without any big moves. Wait for order flow and inventory to show the way.
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