#ES_F Approaching ATH's
ES has again found strong buying support from the 5866-09 range and clearly traded back towards the previous ATH's.
We approach this week with heavy Financial Calendar News mainly FOMC as well as Tesla, Microsoft, Meta and Apple Earnings Reports on Wednesday and Thursday after market close.
Friday has seen a Bearish Response on the H4 chart however a change in price direction has yet to be seen.
Coming into this week I will be watching 6125 to hold with price able to trade above 6140 to remain Bullish; the exception being if we see a further rejection from 6143-50.
Trading Higher I will be watching 6179-74, 6181 and then into new ATH's with projections as detailed on the chart.
Trading Lower from a 6143-50 rejection I would be monitoring the 3 previous daily lows for failed breakdowns keeping in mind that FOMC is approaching and that the outcome is always a 50/50 probability and that I can understand my trade more after I see the News Result and Price Action response to that News only after the event has passed. Anything within the noise of release is a gamble.
We approach this week with heavy Financial Calendar News mainly FOMC as well as Tesla, Microsoft, Meta and Apple Earnings Reports on Wednesday and Thursday after market close.
Friday has seen a Bearish Response on the H4 chart however a change in price direction has yet to be seen.
Coming into this week I will be watching 6125 to hold with price able to trade above 6140 to remain Bullish; the exception being if we see a further rejection from 6143-50.
Trading Higher I will be watching 6179-74, 6181 and then into new ATH's with projections as detailed on the chart.
Trading Lower from a 6143-50 rejection I would be monitoring the 3 previous daily lows for failed breakdowns keeping in mind that FOMC is approaching and that the outcome is always a 50/50 probability and that I can understand my trade more after I see the News Result and Price Action response to that News only after the event has passed. Anything within the noise of release is a gamble.
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