6/7: Daily Recap, Outlook, and Trading Plan

CME_MINI:ES1!   S&P 500 E-mini Futures

In yesterday’s trading session, we saw the ES continue its choppy mode after hitting the 4280 target last week. The market has followed a pattern of Thursday/Friday rallies followed by Monday/Tuesday chop for the past three weeks. We had a 20-point rally off the 4267 buy zone and spent much of the day chopping under 4290. With another significant late-week squeeze potentially incoming, focusing on catching one or two level-to-level pieces of the action each day is essential and avoiding introducing bias into intraday trading.

The Markets Overnight

🌏 Asia: Mixed
🌍 Europe: Near unchanged
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Up
💵 Dollar: Down a bit
🧐 Yields: Up slightly
🔮 Crypto: Down

Key Structures

Last Friday's breakout origin point at 4243, which serves as a significant level for bulls to maintain control.

The blue broadening formation, which has been the core macro structure guiding the market for the past 2+ months.

4317 resistance and 4261 support.

Support Levels

4284, 4274-76 (major), 4261 (major), 4243-47 (major), 4227 (major), 4221 (major), 4213, 4204, 4194-4198 (major), 4188 (major), 4177 (major), 4166 (major), 4155, 4137, 4120 (major), 4094-4100 (major)

Resistance Levels

4288 (major), 4303, 4315-17 (major), 4329 (major), 4340, 4353 (major), 4361, 4367 (major), 4382-86 (major), 4395, 4400 (major)

Trading Plan

📈 Bulls 4288-4284 is support. Next minor up is 4315, then 4317
📉 Bears begin on the fail of 4284. Next minor down is 4274 and 4261

Wrap Up

In summary, the market is still in chop mode, and everything between 4275-4290 is noise. As long as 4275 holds, we can push to 4303, 4315-17, and potentially higher. A sell-off may occur if 4272-75 fails. Stay focused on catching one or two level-to-level pieces of the action each day and avoid introducing bias into intraday trading.

Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.


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