#ES Midweek Update from Sunday Chart
Monday Globex retested break out area and held it as Support, Once we go over Friday/Monday Stops we got short covering that gave us extension away. To note most of this move was done during Globex, so they would trap shorts at the lows then move the price when there is less volume.
Seems like we have found good resistance Yesterday in 4598-4608 area which is right below next Key Resistance on bigger time frame, This area will be our Key Resistance to take out if we are to see any more upside from here.
Globex opened, sold down towards Support where we found buyers, we have been dipping into this support all night but closing over it and still cant get an extension back into Resistance, it might be telling us there is Supply above.
Question today is will we stay sideways in this smaller range cleaning for the next move from here, will we run out of supply and head for resistance? or will this current Support break and we can target a move to lower target? We have stops getting built below us and untested break out area on a move that was done on lighter volume, kind of thinking we should start a move back towards it at some point unless we can hold this support, get over current resistance and hold above it. If neither goes we trade in smaller chop balance where 4-6p trades work.
Levels to watch :
Current Support : 4589-84
Current Resistance : 4598-4603
If Support Breaks can target 76 - 70 - 62 area to watch for continuation if Broken can target stops lower at 4551-44
If We take out Resistance and hold above can target 4610 - 15 - 23
Seems like we have found good resistance Yesterday in 4598-4608 area which is right below next Key Resistance on bigger time frame, This area will be our Key Resistance to take out if we are to see any more upside from here.
Globex opened, sold down towards Support where we found buyers, we have been dipping into this support all night but closing over it and still cant get an extension back into Resistance, it might be telling us there is Supply above.
Question today is will we stay sideways in this smaller range cleaning for the next move from here, will we run out of supply and head for resistance? or will this current Support break and we can target a move to lower target? We have stops getting built below us and untested break out area on a move that was done on lighter volume, kind of thinking we should start a move back towards it at some point unless we can hold this support, get over current resistance and hold above it. If neither goes we trade in smaller chop balance where 4-6p trades work.
Levels to watch :
Current Support : 4589-84
Current Resistance : 4598-4603
If Support Breaks can target 76 - 70 - 62 area to watch for continuation if Broken can target stops lower at 4551-44
If We take out Resistance and hold above can target 4610 - 15 - 23
Comment:
Support broke nicely, entries from 89-84 Short were good, now we watch if it can continue to lower targets, if Support breaks at 70-62 we could see more downside as now we have supply above us over 90 unless we hold and come back in
Comment:
Would need to take out 76-70 for any continuation lower and stay under 85
Comment:
Flushed support and came back in, no go on lower until can be broken and hold under. Could see some chop from here
Comment:
Going forward if we fail to head for and take out Resistance we could still see a break of 89-84 for another attempt to head for 76 - 70 - 62. Will be watching if get that or hold above
Comment:
70 Target was front ran but market gave a nice trade from 89-84 down to 76 and close to 70. We might get chop now over this area as there is still support there. Will be watching if we build up supply over 70-62 and cant get back over 89-84 for a potential flush down for the stops IF 70-62 breaks with supply over it
Comment:
89-85 Became Resistance after we held under and we got another sell down to our Support at 70-62, still buying under and 62 didnt break so far, it still might flush but not interested in it at this point as its end of day. If this area holds it becomes our Key Support going into Globex and tomorrow if we hold we can see a move back towards 85-90 and if this area breaks then we have lower Stops as our targets.
Comment:
As mentioned yesterday 70-62 will be our Key Support going into Globex and Today, so far Globex held and gave a trade back towards Previous Support that we broke yesterday, will we reach it all the way back or not will have to see. Todays areas to watch remain 4585-90 as Resistance if we fail to get over it we could see another run at 70-62 and if that breaks we could see a move towards 55-51-48, We would have to see 51-43 area taken out for more continuation and volume through it, if not could hold around there. For Upside we would need to take out 85-90 hold to possibly continue higher. Friday could be tricky day.
Comment:
Took a little built up but we are back at the scene of the crime at 4525-08
Comment:
Buyers getting filled
Comment:
Do we have the supply to fully fill them today?
Comment:
Looks like market found the bid at our Support area, now we can possibly start building structure above it to get ready for our next move. I would say we can possibly trade in this 4370-4430s +/- range for some time now UNLESS we get under 75-60 and accept to go lower or accept over 4450 to go higher, other than that we can now do distribution at marked down prices since we still have buyers and balance in this range unless something changes.