#ES 07.14.22 Daily Overview and Levels to Watch
Yday before CPI we ran up to take stops and sell lower inventory into the stops until CPI hit and the bid dropped, we hit our lower Key Level at 3764.75-3760.50 where we found support and we able to put together a position to go and back fill the CPI move back towards our Globex inventory area where we found sellers who took us back under Key Level of 3809.50-3805.25. Last night we tested this Key Level and found Sellers at it making it resistance and we started rotation lower. Currently We broke out Key Level of 3764.75-3760.50 and finding accepted under it with 2747.50-4744.75 as last important support for today. We have Price Index at 8:30am and we are kind of in this area that needs resolution before next move. Question today is will we be able to get back inside the range over 3764.75-3760.50 and accept there or will we get continuation lower? Depending what we get on release but looks like we will open under T+2 Low which means possible margin call selling and should open below or close to the low of Previous Day which would be an area to watch and its also our Key Level of 3764.75-3760.50 If we continue lower we have single prints to fill down around next Key Level at 3714.75-3709.75 where we can find support or 3698.50-3695.50 is another spot to watch, if going down on big volume possible to see lower areas as we have been waiting to test the lows from 06.17 for few weeks now.
--- On The Downside: Failing to accept back in Previous Days Range and over our Key Level of 3764.75-3760.50 can give us a test of 3747.50-3744.75 where we want to monitor for break and continuation or rejection if we can break it we have 3728.75-3725.25, Key Level of 3714.75-3709.75 this is area with single prints and trapped shorts where we can see response but if going down on volume we have 3698.50-3695.50 as additional support, if we break both of those then we have 3686.75-3683.75, Key Level 3671.75-3665.75, if we get there we could possibly test the lows today as well but down there have to watch for continuation level to level as we should have buyers.
--- On The Upside: If we fail to take out 3747.50-3744.75 and get back over 3764.75-3760.50 and accept then we can balance between this area and T+2 Low area and upper levels we can test would be 3780.50-3776.75, 3791.75-3787.75
*** Levels To Watch: 3764.75-3760.50 // 3747.50-3744.75 // 3714.75-3709.75 // 3698.50-3695.50 // 3671.75-3665.75
--- On The Downside: Failing to accept back in Previous Days Range and over our Key Level of 3764.75-3760.50 can give us a test of 3747.50-3744.75 where we want to monitor for break and continuation or rejection if we can break it we have 3728.75-3725.25, Key Level of 3714.75-3709.75 this is area with single prints and trapped shorts where we can see response but if going down on volume we have 3698.50-3695.50 as additional support, if we break both of those then we have 3686.75-3683.75, Key Level 3671.75-3665.75, if we get there we could possibly test the lows today as well but down there have to watch for continuation level to level as we should have buyers.
--- On The Upside: If we fail to take out 3747.50-3744.75 and get back over 3764.75-3760.50 and accept then we can balance between this area and T+2 Low area and upper levels we can test would be 3780.50-3776.75, 3791.75-3787.75
*** Levels To Watch: 3764.75-3760.50 // 3747.50-3744.75 // 3714.75-3709.75 // 3698.50-3695.50 // 3671.75-3665.75