ES 1.20 Overview with some levels to watch
ON Inventory is long and been over vwap all night. we have jobless claims coming which sometimes is used to run stops so dont recommend trading until the market opens up and provides some MGI ( Market generates information )
Are we going to get a correction before the open and then higher at the open or will we get a correction after the open and head lower. We have a ton of trapped inventory above us that is coming out but its a slow drip down because we have a ton of shorts waiting for product as well. This is a market with no outside supply, the only supply comes from trapped longs so sell outs taken longer unless news driven. Levels im watching today 4520 - 4500 - 4570 to the down side and 4550 - 4570 - 4590 to the upside. Patience and letting plays set up around the levels is the key and waiting for inventory to get too short or too long.
Are we going to get a correction before the open and then higher at the open or will we get a correction after the open and head lower. We have a ton of trapped inventory above us that is coming out but its a slow drip down because we have a ton of shorts waiting for product as well. This is a market with no outside supply, the only supply comes from trapped longs so sell outs taken longer unless news driven. Levels im watching today 4520 - 4500 - 4570 to the down side and 4550 - 4570 - 4590 to the upside. Patience and letting plays set up around the levels is the key and waiting for inventory to get too short or too long.
Comment:
4 of the levels hit today!! How about that