#ES_F Day Trading Prep Week 9.04-9.08
Levels to Watch :
Current Resistance 4532.50 - 24.25
Targets if Over 4548.75 - 43.75 Key Resistance for Any Continuation 4570 - 62.50
Gap (Supply) 4590.75 - 70.50
Current Support 4508.75 - 02.50 Key Support 4487.25 - 79.75
Single Prints 4489.25 - 82.50 // 4469.25 - 57
Last Week :
Market opened right in our Current Resistance area for last week and we consolidated all night around it without getting any strong selling, once we ran out of supply we pushed and started holding above using the consolidation as Support which put our higher targets in play for the week. Once we got through Key Resistance with another consolidation under it, we got the next move towards the upper targets, we went through 4487-79 with ease and left single prints on the way up ( more trapped shorts) We did find good Resistance at our 4532-24 target and then just traded around it rest of the week.
This Week :
Seems like market flushed trapped Supply that built up at our HTF Resistance area into the cost basis, cleaned up under it as we didn't have the needed Support above and now we made another move back over the mean and over VAH with more strength and possible Support under. Quite a few might have gotten too short biased for continuation towards 4300-4200s that they may have been trapped again as market wasn't ready to continue just yet, which now may provide Support for us and if we can hold over 4487-79 then that could bring in more buying which could send us higher before we will see 4300-4200 again.
Going into this week we have single prints under us for potential Supports at 4508.75-02.50 // 448725-79.75 areas and 4532.50-24.25 as our Current Resistance needed to be taken out for higher prices.
For the Upside :
We want to wait and see what we do in this 4524-08 area as right now we are by resistance and would either want to see a test of 4508.75-02.50 and ideally we can't break or flush under and come back in, hold over that area can bring 4532.50-24.25 again and this is our area to watch for continuation. If we get through we could target 4548.75-43.75 and potential a move towards Key Resistance at 4570-62.50 BUT keep in mind that gap above it is our Supply still so closer we get the more supply we will have to chew through so will we make it all the way there or if we will be able to head towards it this week at all? 32.50-24.25 would be area to watch for that. We already made a big move last week and we might need some consolidation over 4487-79 which means it might need time for next move or could be done in smaller range moves higher.
For the Downside :
Todays sessions while markets were closed failed at 4532.50-24.25 Resistance and holding under it could give us the test of 4508.75-02.50, this would be area to watch for continuation lower, we could find Support but if we take out the stops and hold under we could try to make a move towards Key Support which would be our Single Print area, there are 2 sets of them on the downside and we would want to see if we can fill some of them or not. We would need to get through 4487.79 area with strong volume and hold under for any continuation lower.
We are currently in 4520-4480 range and we can spend some time balancing within until next move will be ready.
Current Resistance 4532.50 - 24.25
Targets if Over 4548.75 - 43.75 Key Resistance for Any Continuation 4570 - 62.50
Gap (Supply) 4590.75 - 70.50
Current Support 4508.75 - 02.50 Key Support 4487.25 - 79.75
Single Prints 4489.25 - 82.50 // 4469.25 - 57
Last Week :
Market opened right in our Current Resistance area for last week and we consolidated all night around it without getting any strong selling, once we ran out of supply we pushed and started holding above using the consolidation as Support which put our higher targets in play for the week. Once we got through Key Resistance with another consolidation under it, we got the next move towards the upper targets, we went through 4487-79 with ease and left single prints on the way up ( more trapped shorts) We did find good Resistance at our 4532-24 target and then just traded around it rest of the week.
This Week :
Seems like market flushed trapped Supply that built up at our HTF Resistance area into the cost basis, cleaned up under it as we didn't have the needed Support above and now we made another move back over the mean and over VAH with more strength and possible Support under. Quite a few might have gotten too short biased for continuation towards 4300-4200s that they may have been trapped again as market wasn't ready to continue just yet, which now may provide Support for us and if we can hold over 4487-79 then that could bring in more buying which could send us higher before we will see 4300-4200 again.
Going into this week we have single prints under us for potential Supports at 4508.75-02.50 // 448725-79.75 areas and 4532.50-24.25 as our Current Resistance needed to be taken out for higher prices.
For the Upside :
We want to wait and see what we do in this 4524-08 area as right now we are by resistance and would either want to see a test of 4508.75-02.50 and ideally we can't break or flush under and come back in, hold over that area can bring 4532.50-24.25 again and this is our area to watch for continuation. If we get through we could target 4548.75-43.75 and potential a move towards Key Resistance at 4570-62.50 BUT keep in mind that gap above it is our Supply still so closer we get the more supply we will have to chew through so will we make it all the way there or if we will be able to head towards it this week at all? 32.50-24.25 would be area to watch for that. We already made a big move last week and we might need some consolidation over 4487-79 which means it might need time for next move or could be done in smaller range moves higher.
For the Downside :
Todays sessions while markets were closed failed at 4532.50-24.25 Resistance and holding under it could give us the test of 4508.75-02.50, this would be area to watch for continuation lower, we could find Support but if we take out the stops and hold under we could try to make a move towards Key Support which would be our Single Print area, there are 2 sets of them on the downside and we would want to see if we can fill some of them or not. We would need to get through 4487.79 area with strong volume and hold under for any continuation lower.
We are currently in 4520-4480 range and we can spend some time balancing within until next move will be ready.
Comment:
If single prints get filled today we could see if we have enough selling to target 49.75-37.75-34.75 area
Comment:
Careful trying to long as we may see margin calls that could take us much lower.
Comment:
Under 4460 we can see continuation. Target and areas for continuation 4449.75-45 // 37.75-32 // 4416.50-05 ( VAL ) 4375.75 Edge
Comment:
Found buyers under 49.75, 45 target got front ran. Might be all the fun for today unless there will be continuation after 2
Comment:
Globex consolidated around this Single Print area, we are back under 65-60 which means we could see continuation towards 4445-37 target, IF that doesn't hold we have 4422.75-18.75 and VAL low area at 4416-05 that is not tested since we got back through from below. IF we do get down to these areas and we can't find Support then market could see continuation lower. If cant get through 45-37 we could spend the day balancing in some range within our Previous Day range but holding under 65-60 means Weakness. For market to regain stability we would need to get back over over 65-60 to have any shot at getting back towards previous Key area.
Comment:
There is data at 830, if we can't reach/break 45-37 before or after it then we will have to see if it will push us back over 60s for a hold and maybe a day between 60 if that happens and we can hold through the open then will have a shot at 4470-80s
Comment:
4hr mean 4449-34 area held. I would not be looking for shorts unless we break it. We can either hold this area today or even get a bounce back towards 60-65-70s if we run out of supply