bullish sentiment on SNP500 futures, a pullback maybe needed
We sold off from the 4106-4200 order block back in may, and since then /ES has found a bottom at $3639, and if 3639 holds /ES will be looking to retrace back to 4142.25 at a minimum.
I do see a change of character and demand areas that have developed, and patterns confirmed.
I would imagine that if $3941 does not hold we will go back to these demand zones and look for a bounce. The 4 hr zone at 3831.25 is a strong one since its both reflecting on the 4hr and 1 hr in different areas of that zone. In order for me to see that we’re rallying I would need to see a wick above 4016.25.
I do see a change of character and demand areas that have developed, and patterns confirmed.
I would imagine that if $3941 does not hold we will go back to these demand zones and look for a bounce. The 4 hr zone at 3831.25 is a strong one since its both reflecting on the 4hr and 1 hr in different areas of that zone. In order for me to see that we’re rallying I would need to see a wick above 4016.25.
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