#ES_F Day Trading Prep Week 2.18 - 2.23Shortened week ahead, lets break down structure and areas of interest to lean on this week.
Last Week :
We opened the week above VAH and under Key HTF Edge, we knew that this is the area where we can see size sellers step in and an area where size longs could be taking profits which creates different sets of sellers to give more pressure to the lower levels, as mentioned this could be the Edge that will stop our run at least for time being.
Market consolidated above VAH, pushed into the Edge, tagged 5066.50 to the tick and failed to take it out which gave a nice sell back into VAH. Tuesday before the data we knew we had Supply trapped above and if Key Support gets taken out we can see a move lower and if we followed down level to level we ended up testing the bottom Edge, taking out one of the weak lows but we only had enough to barely take it and found buying again. By end of the week we ended up back in 5013.75 - 5066.50 Range and Friday we balanced inside under the Key Resistance without tagging it and with a few Key Support tests.
This Week :
Market closed on Friday inside Key Support with what looked like end of day break but Globex opened and pushed away from Key Support again keeping us inside 5013.75 - 5066.50 Range for now. We have a shorter week coming and question is will we stay consolidating in this Current Range and try to push out of VAH towards the Edge again or will the market stay inside Value with a possible move through the Mean towards VAL.
If we end up holding under VAH under 5048.75 - 45.75 // 34-31 areas could bring in weakness once enough supply builds up to break Current Key Support and if that happens we could target move to lower levels towards VAL, we have to be careful looking for too much downside unless Key Levels break and market shows continuation because we could stay balancing inside our Value unless stronger volume comes in. First targets under to watch would be 5001.75 - 97.75 and VAL top at 4988.25 - 84.25 which could find buying to hold us over, if not we have Key Support at 4972 - 67 which we would need to take out for any continuation towards bottom Edge.
If we do end up holding this range and can't take out Current Key Support, we can see more balance in Current range again and if enough buying comes in and we can take out upper Resistance areas at 5034-31 we would need to hold over 5041.50 and take out 5048.75 - 45.75 to see another attempt at the upper Edge. We would need to take out and accept over 5066.50 - 60.75 for any more upside from this range and above target would be towards the top of the Edge where we could watch for failure or continuation.
Area over 5066.50 - 60.75 is big Resistance for now and if we finally have selling from size longs and shorts don't need to pay over Value too much then we could continue to hold under so need to be careful with any pushes over 34 - 41.50 area as they may not hold unless we get strong buying through them.
Levels to Watch :
Current Resistance 5034 - 31 // 5048.75 - 45.75
Key Resistance 5066.50 - 60.75
Targets if above 5086.25 - 81 - 77.75
Current Key Support 5019 - 13.75
Targets below 5001.75 - 97.75 // 4988.25 - 84.25 Needs to break for attempt lower
Key Support 4972 - 67 Would need to hold under for any continuation towards lower Edge.
