ES1! SPX500USD 2022 MAY 16 Week
ES1! SPX500USD 2022 MAY 16 Week
Last week high demand area 3913 - 4000 support came in, causing a retracement.
Possible Scenarios:
1) Test and reject 4056 breakdown area for short opportunity
2) Market rotate between 4056 and 3913 to exhaust demand before being
able to resume downtrend
Weekly: Ave volume down bar close above middle = minor strength
Daily: Low vol up bar close off high = weakness
H4: Very high volume up bar close near low followed by high volume up bar
closing off high = weakness
Price reaction levels:
Short = Test and Reject | Long = Test and Accept
4874 4800 4740
4631 4584 4525
4433 4368 4303
4133 4056
3913-4000 (previous high demand area)
3870 3720
Remember to like and follow if you find this useful.
Have a profitable trading week.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.