es, spy day trading for July 18th

Updated

Yesterday had a big drop and often is followed with a consolidation day, so first idea Blue Line is a consolidation inside the over night distribution. idea 2) in Red is a retrace up to the bottom of the congestive part of the prior days early session range this idea could come with a impulse followed by a pause or a pause then an upper break out. 3rd idea in Green is a continuation down after the over night low is a bit of a battle ground. all lines are 4 points high if looking at a ES chart

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opening consolidation between 2975 and 2983 is right now the range to watch and will look for an explosive move higher or lower for a decent trade set up, if not then that is the range to trade

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looking at the 2986 (2990 ES) as the top, if above will target 2999 area, holding below should have us back at range bottom or at least to opening price, so this is the over under line

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I am drawing my ideas on the chart like it is a 5 minute chart, but you could say idea 2 in red tracked what happened in the market all most perfectly, i do see my top target line is place for ES and for this SPX chart it should have been at 2995

alleytrader

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