#ES 07.05.22 Daily Overview with Levels to Watch

Friday with held inside previous days range as we thought we might since it was a lower volume day before the three day weekend. In Globex we continued our Friday strength and last night were able to drive above Previous Day (Friday) High and hit next Key Level of 3853.25-3847.25 where we found sellers, we spent time over the high selling inventory and once we did that we had more supply above and failed back inside previous range. After look above the high and fail we can see the Lows as targets for today and depending if we hold down there or not maybe a continuation lower.

--- On The Downside: Holding below 3809.50-3805.25 is continued sign of weakness and can give a test of Previous day Low and T+2 Low, we are currently already coming down so levels to watch are 3780.50-3776.75 Key Level of 3764.75-3760.50 where we can see some support but if that breaks we have Previous Day Low and T+2 Low area around our 3747.50-3744.75 level to watch for continuation but below that is 3728.75-3725.25 and next Key Level of 3714.75-3709.75 Where we can also see support unless going down on good volume and get right through it then can watch for further continuation.

--- On The Upside: Testing and Holding Previous Day Low/ T+2 Low area can give us a move back over 3764.75-3760.50, 3780.50-3776.75, 3791.75-3787.75.

*** Levels to Watch: 3809.50-3805.25 // 3767.75-3760.50 // 3747.50-3744.75 // 3714.75-3709.75