#ES 07.08.22 Daily Overview with Levels to Watch
Yday we opened up above our 3866.75-3863.25 level and drove straight through Previous day high, came back and tested and found support which told us we will be trading towards the upside and we knew we will have singles up there which = supply so we will need some buying to chew through that, day was grindy as mostly all the buying is from shorts being bought in. We failed to fill the second set of singles around our 3914.75-3910.75 level and in Globex we tested Key level of 3892.25-3887.25 which held for now. We are waiting on some releases at 8:30 so will have to see what that will give us and where we will open but we are currently above T2 high and our Key level which is a sign of strength but its mixed feelings as we are in Previous Days Range and still have supply above so the question today is do we have enough shorts trapped and new buyers to Fill the singles and continue higher towards our next Key Level at 3931.75-3927.25 or will we fail and come back in to test T2 high/Previous Day low area.
--- On The Upside: Holding above T2 High and 3892.25-3887.25 is a sign of strength and can give us test of 3901.25-3898, 3914.75-3910.75 this is where we will be watching if we fill the singles and can continue higher towards 3931.75-3927.25. If the buying is strong and we get through that then we have 3944.25-3940.25 as Next area to watch for Failure or continuation.
--- On The Downside: Failure to fill the singles and accept over 3914.75-3910.75 can give us a test of 3901.25-3898, Key Level of 3892.25-3887.25 where we would watch for continuation and if that goes we have 3878.75-3874.75 as our T2 High area we could see test and if we accept under it then we have Previous Day Low at 3866.75-3863.25 and next Key Level at 3853.25-3847.25
*** Levels to Watch: 3944.25-3940.25 // 3931.75-3927.25 // 3914.75-3910.75 // 3892.25-3887.25 // 3878.75-3874.75 // 3866.75-3863.25
--- On The Upside: Holding above T2 High and 3892.25-3887.25 is a sign of strength and can give us test of 3901.25-3898, 3914.75-3910.75 this is where we will be watching if we fill the singles and can continue higher towards 3931.75-3927.25. If the buying is strong and we get through that then we have 3944.25-3940.25 as Next area to watch for Failure or continuation.
--- On The Downside: Failure to fill the singles and accept over 3914.75-3910.75 can give us a test of 3901.25-3898, Key Level of 3892.25-3887.25 where we would watch for continuation and if that goes we have 3878.75-3874.75 as our T2 High area we could see test and if we accept under it then we have Previous Day Low at 3866.75-3863.25 and next Key Level at 3853.25-3847.25
*** Levels to Watch: 3944.25-3940.25 // 3931.75-3927.25 // 3914.75-3910.75 // 3892.25-3887.25 // 3878.75-3874.75 // 3866.75-3863.25