#ES_F Day Trading Prep Week 02.25 - 03.01Lets break down some structure and see if we can get clues and areas of interest for this week.
Last Week :
Last week we opened with a hold and consolidation under VAH of Previous HTF Range which built up enough Supply to give a sell to lower targets at the Mean and VAL, FED Minutes day we consolidated at at VAL with an attempt to break under which failed and inventory corrected back towards the Mean with and an after hours pump info VAH. Globex got continuation creating a big gap to the upside and an RTH push through the upper Edge into a new HTF Range. Friday to end the week we got a push into new VAL but failed to get inside Value and instead found selling that took us back under 5112.50 - 07.50 Key Resistance.
This Week:
This week we will have to see how the market will trade in this new Range. Right now we got a rejection from VAL and the push into this Edge was done during lower Globex Volume. Will enough buying come in at this area to give us a hold above/inside this Edge and we try to make another push towards VAL/ and new Value or will this push start running out of juice and we start coming back in filling the push with Supply.
For now our range is 5012.50 - 5060.75, Current Intrarange Support 5095.50 - 92.50 Current Key Resistance 5112.50 - 07.50. For us to attempt anything higher into above VAL we would need to take out 5112.50 - 07.50 as we now have Supply above it which could keep us under. If we build up enough Supply or selling comes in to break 5095.50 - 92.50 we could see a move towards 5081 - 77.75, Key Support for this range would be 5065.75 - 60.75 this is bottom of the Edge we need to hold around for this break out to stay valid with hopes for higher continuation. If we can't hold this area then we can start coming back in targeting previous VAH/Value as it would be a failure in new range which could ultimately target lower Edge of Previous Range again.
If selling is not strong then we could just balance in this new Edge/VAL/Mean area until enough supply builds up to come in or more buyers come in to keep going towards above VAH, this could take some time to resolve or if volume comes in then could see next move quicker.
Best thing is to take it range to range level to level.
Levels to watch :
Current Key Resistance : 5112.50 - 5107.50
Targets above 5129 - 25 // 5144 - 40.25
Current Intrarange Support : 5095.50 - 92.50
Targets under 5086.25 - 81 - 77.75 // Key Support for any continuation lower 5066.50 - 60.67