ES Plan For Monday // Not Financial Advice
We have both CPI and FOMC this week on Wednesday. As always, we can only take things level to level, and trade the structure and price in front of us. There was lots of price action Friday, but ultimately to go nowhere and remain stuck in the same range. I consider this range to be 5372 to 5342 still, with a couple traps above the zone and below the zone. Everything inside this range you have to trade level to level, or you will lose money. When it breaks, there will be another trend leg…but it may not be until CPI or FOMC. We don’t need to predict when it will break, or how, we just need to take the setups one trade at a time and leave runners for when the breakout does happen. 5355 is first support down from Friday’s close. (Right below it). This is a used up level now, and its always best to wait for it to fail a little below and then reclaim to trap all sellers and give u a nice aggressive move up. Below there is 5342-45 big level again. This level is also in its late stages now, being tested heavily last week. We had a clean test of it on Thursday and a failed breakdown Friday. So typically any test from here on could be the one that cracks it. Below there, we could flush, and I don’t want to be long again until sub 5320. I’d be interested in trying longs near 5313, and if we really drill... 5272. Shorts are not in the picture for me currently as I do not short resistances in bull markets. For me to enter short, id need to see buyers react at 5342 once more though, either a clean direct bounce or a failed breakdown, to drain any final demand from that level and remove the "trapping aspect" from it. After this plays out, I’d consider short 5340. Profit takes are level to level. Do not look for home runs. We could easily just go down 1 level and reverse again. Especially on FOMC week.
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.