ES-Mini (Timeframe-Daily) ATR Analysis 5/10/21
Last week started out in the red but ended off strong, bringing in the possibility of a pullback over the next few days .The key support level that I am looking at is 4156.00. This is considered as the mean and over the past 3 months the market has showed a reluctancy to drop significantly below the mean over the daily time frame. If we penetrate the mean significantly I would aggressively pursue longs. However, at this point I believe the market is a bit overextended with it ultimately testing resistance at 3ATR at 4275.
Last week makes it possible that we may see 4300 some time soon. The week to come should be interesting as it should give a good gauge as to where or what the market plans for the remainder of the month. Another key indicator to look at is the Z-Score, based on the volume, price, and declining nature of the Z-score it is evident that we are preparing for a quick pullback.
I would definitely be cautious of BTFD at least early in the week and look for the Z-Score to bottom out before I click buy.
(Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.)
Last week makes it possible that we may see 4300 some time soon. The week to come should be interesting as it should give a good gauge as to where or what the market plans for the remainder of the month. Another key indicator to look at is the Z-Score, based on the volume, price, and declining nature of the Z-score it is evident that we are preparing for a quick pullback.
I would definitely be cautious of BTFD at least early in the week and look for the Z-Score to bottom out before I click buy.
(Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.)