ES has been on an insane ride for a few sessions. Tricky intraday sessions is putting it mildly.
The long green line from the bottom left corner is from the 2020 low. The long red line from the top left corner is the trend line from the 2022 high.
We literally spent a couple of sessions almost completely inside of a supply zone and after a wild ride today we are currently riding the top of a demand zone at 3796.50/3790.25, after a slight gap up from the maintenance hour. Ever so softly kissing the 3800 level.
A good bounce off of 3800 could lead ES to 3820 Supply which would be a good target for longs provided that there is sufficient market context. However in the longer term I would expect a further selloff based on fear that there are more bad earnings numbers and bad economic data. If that is the case, there isn't much stopping a drop down to 3772 resistance / demand area.
On the DAILY chart, the 26th candle is a pretty bearish doji candle, while on the 27th is a pretty bullish signal. Its a very difficult market to read for the past couple of sessions.
For me personally, I'm gonna stick to scalping the intraday trends for 8 to 12 ticks following price action rules
The long green line from the bottom left corner is from the 2020 low. The long red line from the top left corner is the trend line from the 2022 high.
We literally spent a couple of sessions almost completely inside of a supply zone and after a wild ride today we are currently riding the top of a demand zone at 3796.50/3790.25, after a slight gap up from the maintenance hour. Ever so softly kissing the 3800 level.
A good bounce off of 3800 could lead ES to 3820 Supply which would be a good target for longs provided that there is sufficient market context. However in the longer term I would expect a further selloff based on fear that there are more bad earnings numbers and bad economic data. If that is the case, there isn't much stopping a drop down to 3772 resistance / demand area.
On the DAILY chart, the 26th candle is a pretty bearish doji candle, while on the 27th is a pretty bullish signal. Its a very difficult market to read for the past couple of sessions.
For me personally, I'm gonna stick to scalping the intraday trends for 8 to 12 ticks following price action rules