7:45am EST - Overnight Session Update -
Yesterday we reached our main targets of 6325, 6350, 6375. Overnight we have been consolidating in a tight range between 6358-6378. We could get one good flush and recover of 6358 and we can long to 6378, 6400. If we breakout of 6375, we should continue higher to 6400, 6420+. I also would be careful as price has been in a narrow range, we could get a fake breakout above 6375. IF, price breaks out and then returns back inside the 6375 range, we can expect price to sell off and potentially pullback to retest the levels below. I hate trading a new position when price is at the high of the breakout and high of the session. I would rather wait to get a flush of 6358 and recover to long or flush much further down to the 6297 area and flush and recover would be even better.
I will update closer to 9:30am EST. My lean is to wait for a flush of 6358 and recover to long back to 6378, 6400.
Yesterday we reached our main targets of 6325, 6350, 6375. Overnight we have been consolidating in a tight range between 6358-6378. We could get one good flush and recover of 6358 and we can long to 6378, 6400. If we breakout of 6375, we should continue higher to 6400, 6420+. I also would be careful as price has been in a narrow range, we could get a fake breakout above 6375. IF, price breaks out and then returns back inside the 6375 range, we can expect price to sell off and potentially pullback to retest the levels below. I hate trading a new position when price is at the high of the breakout and high of the session. I would rather wait to get a flush of 6358 and recover to long or flush much further down to the 6297 area and flush and recover would be even better.
I will update closer to 9:30am EST. My lean is to wait for a flush of 6358 and recover to long back to 6378, 6400.
Note
9:40am EST - UpdateIF, price cannot clear overnight high at 6378 before we retest the 9:30am low at 6357, I expect us to need a bigger pullback to keep this move going higher. I am patiently waiting for a deeper pullback and recovery of one of the key levels in yellow on the chart. 6333 is a good spot to see potential flush and recover, if not there, 6297 is the ideal place to flush and recover. IF, ES sells off hard and fast (More than 20-30+pts , you will want to wait and see price build structure for it to continue higher. No need to rush in at the levels I have outlined. Wait for price to show which direction it intends to go.
Note
12:30pm - UpdatePrice sold off to 6315 and we have set a short-term low that can continue higher to retest 6345, 6355. IF, price can't clear the 6358 resistance, we will most likely need to come back and retest the morning lows with a focus on 6295, 6280 as areas we could get some buyers and reclaim any level above. I will be watching the failure of 6315 and flush of 6295-97 with a reclaim allowing me to catch retest of 6315. If we do retest 6315, you could short below around 6312 and take 10pts around 6300. Shorting in an uptrend can work but are lower quality than waiting for the reclaim of a significant level like 6280 or 6295. As I mentioned yesterday in my daily plan. I see price being bought up by institutions in the bottom of this range 6240-6280. Below 6240 and we could see price setup a new range of 6110-6240.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.