ES_F Updated chart for 04.01 - 04.05
Didn't post this weeks prep since last weeks was still in play but wanted to post an updated chart for a better visual of PA around the levels and structure we have been forming since last week. As mentioned we had this area under the Mean to fill out once we had the supply to do so, it took some time but we created the Supply for it and now are trading around these areas under the Mean filling it out.
Some notes going into rest of the week :
5249.75 - 44.75 Key Support at VAL has been holding all night, no continuation towards the Edge unless we accept under and more selling comes in to push us that way. If selling is not strong we can stay balancing in this VAL area around 40 - 60s with 5264.75 - 60.75 being our Intrarange Resistance if we build up enough we could try to push over towards 5275.25 - 79.25 Level to fill some of that Gap we have created above but need to be careful as we still have T2 and Supply above that Mean area which tells us any pushes over 64.75 could be met with selling once buying runs out and price can keep coming back inside VAL. We are currently inside 5244.75 - 5295.50 Range with Supply above so if we do hold this range for now we can expect to trade around the lower parts of it while supply is coming out. As mentioned Size shorts will be covering down at VAL and under it which can hold us up until they are done and then we will see if there is still Supply to take us towards the lower Edge or selling runs out and we try to head back inside the Mean for Supply but this can take time to play out.
Levels to Watch :
Key Support 5249.75 - 44.75 Need acceptance under AND stronger volume to try and push to lower targets if no volume then can keep trading around it.
Lower areas just in case are 5234.25 - 30.25 // 5219.75 - 15.75
Key Edge bottom and Supports 5207.50 // 5204.25 - 5199.75
Current Intrarange Resistance 5264.75 - 60.75
There is GAP above which means Supply, pushes over could be weak while still have selling but areas to watch above would be 5279.25 - 75.25
Key Resistance 5295.50 - 90.25
Some notes going into rest of the week :
5249.75 - 44.75 Key Support at VAL has been holding all night, no continuation towards the Edge unless we accept under and more selling comes in to push us that way. If selling is not strong we can stay balancing in this VAL area around 40 - 60s with 5264.75 - 60.75 being our Intrarange Resistance if we build up enough we could try to push over towards 5275.25 - 79.25 Level to fill some of that Gap we have created above but need to be careful as we still have T2 and Supply above that Mean area which tells us any pushes over 64.75 could be met with selling once buying runs out and price can keep coming back inside VAL. We are currently inside 5244.75 - 5295.50 Range with Supply above so if we do hold this range for now we can expect to trade around the lower parts of it while supply is coming out. As mentioned Size shorts will be covering down at VAL and under it which can hold us up until they are done and then we will see if there is still Supply to take us towards the lower Edge or selling runs out and we try to head back inside the Mean for Supply but this can take time to play out.
Levels to Watch :
Key Support 5249.75 - 44.75 Need acceptance under AND stronger volume to try and push to lower targets if no volume then can keep trading around it.
Lower areas just in case are 5234.25 - 30.25 // 5219.75 - 15.75
Key Edge bottom and Supports 5207.50 // 5204.25 - 5199.75
Current Intrarange Resistance 5264.75 - 60.75
There is GAP above which means Supply, pushes over could be weak while still have selling but areas to watch above would be 5279.25 - 75.25
Key Resistance 5295.50 - 90.25
Comment:
Remember sellers/supply still at/over VAH so buyers don't need to pay over Value. We pushed over Key Resistance after trapping more shorts yesterday when we failed to break down under VAL and now are filling them at higher prices, size longs from below also take profit here under VAH as this is the place where volume is. 4295.50-90.25 Key area that his been acting as intraday Mean from last week and going into this week as well. 4310 got front ran by sellers to not push it higher as there are competing sellers above and now we are distributing over 95-90. We may hold this area all day and keep building supply, still a chance at some point to drop down to 90 and maybe under if we build up enough over it and get the selling. If not today then maybe tomorrow, as long as Market will hold under 4310-06 area and can't accept over then there will be a chance more selling will come in to push us back under 95-90 through the Mean towards the stops at 79-74 to fill that Gap which we created today. If we do have more size buyers that will hold us up in this range we need acceptance over 06-10 to try and target upper area of VAH and the Supply up there.
Comment:
Failure under VAH, once back through Key area of 95-90 WITH more Supply above, once broke a move back inside the mean and enough selling came in to go through the Mean to VAL. Who would have though.. Beautiful move