#ES Futures Day Trading Overview and Levels to Watch 06.13.22
Last night before the Globex open I posted weekly overview with important levels to watch and that most likely we will get more downside being we are under the Supply and buyers in the area where we closed Friday might not be as responsive this time around. 3880-72 was our area to watch to the downside, Globex opened on a gap down and right in that area which gave us a sell to the downside pretty much all night with few pull backs. Looks like so far this morning we found some support at 3811-3804.50 level, our inventory is currently 100% short from Friday close which means there is 60-70% chance we might get some correction to it at the open, how much we will have to see unless we correct before and at the open continue lower, holding that 3811-3804.50 level can give us a test of 3821.25, 3835.50 and possibly 3853.25-3847.25 which will be our Key area to watch if we are to get any more upside from there. On the downside if we fail to get through 3821.25 - 3835.50 or we correct to those levels and come back down to break 3811-3804.05 then we will be looking at lower levels at 3791.50-3776.75 and possibly 3764.75-3758.5 which will be lower Key Support we would need to break to see any continuation lower, if we are going down on big volume and breaking through levels then we can see even lower areas tested, I wanted to see the mid point of the daily range tested this week around 3731-3676.50 but I did not think we might get close to there in Globex so we might get continuation in RTH or we might spend the day cleaning the Globex move and get ready for bigger market moving events this week. If 3764.75-3758.25 breaks we have 3745, 3728 and 3714.75-3709.75 as next Key Support. Careful with longs, we will get pull backs and corrections but we have a lot of people upside down and most likely will see more margin call selling today.
Comment:
Off the open the first 30 minutes gave us a correction upward but failed to take 3821.25. Took a short in B period under our 3811-3804.50 Level that we were watching to break, took 03 to 75. Will watch it for a bit now to see what the market tells us. So far heading lower for that 3764.75-3758.25 level, lets see if we find any support there or continue lower.
Comment:
Market is bid off, careful trying to buy dips. I didnt make any levels below 3714.75-3709.75 yet so hopefully we wont get lower today but anything can happen. We are already pretty extended I would want to see some support before then since it is middle of the bigger range and we can expect some buying, but until we find a place to hold, watch out.
Comment:
Found temp support at our 3764.75-3758.25 level, failed to get back over 3811-3804.50 on the pull back which made it a great area to take shorts from today. Waiting to see if we make another run at the support and see how we act there. Took 4 shorts today from the upper levels and 1 from 76 area