#ES 07.01.22 Daily Overview and Levels to Watch
Yday we opened right at our 3780.50-3776.75 level, failed over it and drove down to break Key Level of 3764.75-3760.50 from which I was expecting to go down and hit next Key Level lower but we failed to take out 3747.50-3744.75 and found a nice bid down there that took us all the way back to test Previous Day Low and T2 area over our 3809.50-3805.25 level where we found sellers. Rest of the day was not much action as we have Holiday Weekend coming up and not as many participants in the market plus all the real size traders are out enjoying their time with interns running the show. Question today is will we have a slower balanced day or will we get some unexpected action. In Globex we found support at Previous day low and put together a position between Previous Day Low and our 3764.75-3760.50 Level that we drove up and selling up here, we should open today inside Previous Days Range but under T+2 low which tells us we can see selling from that area but will it be strong enough to take us lower today and break previous day low and extend to next Key Level or not.
--- On The Downside: Holding below Previous Day High and T+2 area which is around Key Level of 3809.50-3805.25 is a sign of continued weakness and failure to take 3791.75-3787.75 and extend higher or failure at T+2 low area can give us a push lower to 3780.50-3776.75 and Key Level of 3764.75-3760.50 This will be first area to watch for continuation lower, if this breaks we have Previous Day Low and our 3747.50-3744.75 Level that we need to see break for us to get any lower, if that happens we have 3728.75-3725.25 and 3714.75-3709.75 Where we can find support so would be the spot to watch if we get there for continuation or not.
--- On The Upside: Holding above Globex position and Key Level of 3764.75-3760.50 can give us 3780.50-3776.75, 3791.75-3787.75 and possibly T+2 low Key level of 3809.50-3805.25 where we would watch for continuation higher, would have to take Previous Day High and accept to really get going to the upside.
--- We can also have an inside day and just balance between T2 Low areas and Previous Day low, Friday before the holiday can give us a grindy day without much to do.
*** Levels to Watch: 3825.50-3820.25 // 3809.50-3805.25 // 3764.75-3760.50 // 3747.50-3744.75
--- On The Downside: Holding below Previous Day High and T+2 area which is around Key Level of 3809.50-3805.25 is a sign of continued weakness and failure to take 3791.75-3787.75 and extend higher or failure at T+2 low area can give us a push lower to 3780.50-3776.75 and Key Level of 3764.75-3760.50 This will be first area to watch for continuation lower, if this breaks we have Previous Day Low and our 3747.50-3744.75 Level that we need to see break for us to get any lower, if that happens we have 3728.75-3725.25 and 3714.75-3709.75 Where we can find support so would be the spot to watch if we get there for continuation or not.
--- On The Upside: Holding above Globex position and Key Level of 3764.75-3760.50 can give us 3780.50-3776.75, 3791.75-3787.75 and possibly T+2 low Key level of 3809.50-3805.25 where we would watch for continuation higher, would have to take Previous Day High and accept to really get going to the upside.
--- We can also have an inside day and just balance between T2 Low areas and Previous Day low, Friday before the holiday can give us a grindy day without much to do.
*** Levels to Watch: 3825.50-3820.25 // 3809.50-3805.25 // 3764.75-3760.50 // 3747.50-3744.75