#ES 07.07.22 Daily Overview with Levels to Watch
Yday we were able to hold above our Key Support at 3809.50-3805.25 and after the FOMC release got a push over Previous Day High and over next Key Level of 3853.25-3847.25. Globex we failed to get back under 3853.25-3847.25 and accept and got a push back over it but so far we have been hanging out here between Key Level and next level up under Previous Day high which is usually a sign of distribution to me as we still have supply above keeping us down but on the other hand we can be absorbing it here before next move up since we are holding over T2 High area for today but I think Market is waiting for ADP and Claims to make the move. Question today is do we have enough people trapped that will help push us higher today and fill the sets of singles we have above us or will we back in under this 53-47 area making this supply that would help and push us back into T2 range.
--- On The Upside: Holding above T2 High area of 3839-3835.50 and 3853.25-3847.25 is a continued sign of strength, if we fail to push lower and accept this can give us a push higher and possibly more buy ins today towards the single -prints and upper levels. We can see 3866.75-3863.25, 3878.75-3874.75 which would be our first area to watch for continuation since its Previous Days High then Key Level and first big area of single prints at 3892.25-3887.25 This is where we would see how strong the move is and if we can fill that/accept and continue towards 3901.25-3898 , 3914.75-3910.75 and 3931.75-3927.25 But we have supply above so have to monitor level to level.
--- On The Downside: Staying under previous days high and 3866.75-3863.25 can give us a test of 3853.25-3847.25 getting under that would be our first sign of weakness and can give us a test of T2 High area at 3839-3835.50 this is where we would need to see for break and acceptance for any continuation lower, if we do accept back in T2 range and now we will have more inventory from above that can help and push us towards T2 half back areas and possibly the Low depending on how much selling we get IF we do accept back in we will be looing for 3825.50-3820.25 Key Level 3809.50-3805.25 if that goes then can see 3791.75-3787.75, 3780.50-3776.75, 3764.75-3760.50
*** Levels To Watch: 3892.25-3887.25 // 3878.75-3874.75 // 3853.25-3847.25 // 3839-3835.50 // 3809.50-3805.25
--- On The Upside: Holding above T2 High area of 3839-3835.50 and 3853.25-3847.25 is a continued sign of strength, if we fail to push lower and accept this can give us a push higher and possibly more buy ins today towards the single -prints and upper levels. We can see 3866.75-3863.25, 3878.75-3874.75 which would be our first area to watch for continuation since its Previous Days High then Key Level and first big area of single prints at 3892.25-3887.25 This is where we would see how strong the move is and if we can fill that/accept and continue towards 3901.25-3898 , 3914.75-3910.75 and 3931.75-3927.25 But we have supply above so have to monitor level to level.
--- On The Downside: Staying under previous days high and 3866.75-3863.25 can give us a test of 3853.25-3847.25 getting under that would be our first sign of weakness and can give us a test of T2 High area at 3839-3835.50 this is where we would need to see for break and acceptance for any continuation lower, if we do accept back in T2 range and now we will have more inventory from above that can help and push us towards T2 half back areas and possibly the Low depending on how much selling we get IF we do accept back in we will be looing for 3825.50-3820.25 Key Level 3809.50-3805.25 if that goes then can see 3791.75-3787.75, 3780.50-3776.75, 3764.75-3760.50
*** Levels To Watch: 3892.25-3887.25 // 3878.75-3874.75 // 3853.25-3847.25 // 3839-3835.50 // 3809.50-3805.25