#ES_F Weekly Prep 06.01 - 06.06.25Last week we have consolidated, built a cost basis under HTF Edge Top and made a push into new HTF Ranges Value on Wednesday after some news, we made it into the Mean of that range but failed to hold before the open trapping Supply in Value. Thursday held under the Edge and by Friday built up enough supply to flush Holiday Cost basis into lower Value where the selling stopped at the Mean and we started covering, being mid day Friday and End of Month we got strong enough covering to take us all the way back into the Edge/into current Intraday Ranges top which is around 930 - 25 Area.
Question for this week is, was that a strong bid on Friday which will give us a hold and continued pushes into above VAL over the Edge or was it just a retest of this Edge top from below, momentum traders pushed us out on news and now we are back inside 930 - 770s HTF Range ?
Looking at our structure, we had Trend Change on Thursday during RTH Open and for now we have closed Friday in downward correction Trend. This tells us that its possible that we have failed to accept inside new above HTF Range and if that is the case then we could target moves back down towards lower areas of VAH / Mean / VAL and if there will be volume moves under it.
For things to change and to see stability + strength out of here we would need to see a good push over 930s which could hold over AND see a move over 941 - 45 area, without that need to be careful with longs into those areas as our Supply and Sellers are around and over us.
Things have been slow and moves take a while to set up so Current Intraday Range could act as support and we can see price trade back and forth inside it with Holiday Cost basis providing Support, BUT if we do get through that under VAH then we can see further moves down towards Mean and VAL which has another cost basis there that we can try to fill out and it could hold the price around it, to see any more weakness from there we would need to find ourself under VAL and be able to get into that 800 Balance area, it is new Month and we do have Market Moving Data this week so it could happen.
If this will be the case good entry areas for continuation lower could be found around
914 - 10 // 900 - 896 // 869 - 65 // 855 - 51 careful around 824 - 20 and IF we attempt for move into lower Balance could find entries for it at 810 - 06
IF Trend does change and we hold over the Edge OR we hold Current Intraday Range and some of the weekly Data/News will push us over 941 - 45 then we could see moves into above VAL / Mean and would look for Entries around 955 - 59 // 986 - 90 if this will be the case need to be careful with looking for too much continuation over the Mean as there will be selling closer to above VAH we get and especially if we see pushes into/over it as there is more supply above, if move higher happens we would probably look to stay under 630 - 20s and If Holiday Cost Basis holds as Support the could also find long entries at 896 - 900 area after we hold under but need to be careful with looking for big moves and try to grab area to area as market moves and back fills very efficiently lately so watch out for back and forth trading while its moving towards targets.
