#ES 06.27.22 Overview with Levels to Watch
Updated
Friday morning RTH opened up and right away drove over the Globex inventory and a level to watch of 3839-3835.50, inventory was long and we got no correction that told us the strength for the day, we drove straight to next Key Level of 3892.25-3887.25 Where we found some resistance which was right at the Gap area where we expected to have supply, we consolidated for some time and got an afternoon drive to fill the Gap and tested higher levels. Last night Globex failed to break our 3901.25-3898 level and come down to test Key Level of 3892.25-3887.25 which told us we did not have supply for that yet. After the London open we were able to drive the inventory over the next Key Level and have been selling it over since. Question today is will we get continuation of strength and test of higher levels or will we come back in and test the lower break out areas. Globex inventory right now is mostly long over Friday close and looks like correcting, we have Durable Goods at 8:30am and will have to see where we will open today.
--- On The Upside: Holding above Previous Day high and over our 3914.75-3910.75 level is a sign of stability and can give us another attempt at Key Level of 3931.75-3927.25 (that is we get a correction under it) if not that can give us
even more strength to push higher, if we accept over this Key Level then our upper targets will be 3944.25-3940.25 , 3957.25-3953.25 and next Key Level of 3976.50-3971.50 which we will have to monitor for any continuation higher.
It is month end and good saying is don't short month end so lets see if we get some continuation this week week or not.
--- On The Downside: If we get under Key Level of 3931.75-3927.25 we have Previous Day high area and a level of 3914.75-3910.75 which we will need to watch for signs of continuation lower, if we do accept in Previous Day Range then
we can see 3901.25-3898 and Key Level of 3892.25-3887.25, for the buying from Friday to stick we would ideally see it hold that level IF we get there, if it gets taken out and we accept under then we will monitor for continuation
lower but for now we are over T+2 High and Previous Day High which does not give us much confidence for shorts but in this market anything can happen so we watch it level to level.
*** Key Levels to Watch: 3931.75-3927.25 // 3914.75-3910.75 // 3892.25-3887.25 -- 3957.25-3953.25 // 3976.50-3971.50
--- On The Upside: Holding above Previous Day high and over our 3914.75-3910.75 level is a sign of stability and can give us another attempt at Key Level of 3931.75-3927.25 (that is we get a correction under it) if not that can give us
even more strength to push higher, if we accept over this Key Level then our upper targets will be 3944.25-3940.25 , 3957.25-3953.25 and next Key Level of 3976.50-3971.50 which we will have to monitor for any continuation higher.
It is month end and good saying is don't short month end so lets see if we get some continuation this week week or not.
--- On The Downside: If we get under Key Level of 3931.75-3927.25 we have Previous Day high area and a level of 3914.75-3910.75 which we will need to watch for signs of continuation lower, if we do accept in Previous Day Range then
we can see 3901.25-3898 and Key Level of 3892.25-3887.25, for the buying from Friday to stick we would ideally see it hold that level IF we get there, if it gets taken out and we accept under then we will monitor for continuation
lower but for now we are over T+2 High and Previous Day High which does not give us much confidence for shorts but in this market anything can happen so we watch it level to level.
*** Key Levels to Watch: 3931.75-3927.25 // 3914.75-3910.75 // 3892.25-3887.25 -- 3957.25-3953.25 // 3976.50-3971.50
Comment
Ended up having a balanced day between two Key Levels, will have to wait and see what we do in Globex, to give us an idea for tomorrow,. Will we head towards 3850 maybe lower or will this move hold and we get continuation over 3931
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