ES Levels and Targets Nov 4th
On Friday, 5802 was the primary target for ES as a major backtest, and we saw a sell-off from there. The 5740 support, talked about Sunday in group, held exactly on target with a bounce last night.
As of now: 5760 is today’s support level. Already defended once. Holding above it keeps 5779, 5792, and 5797-5802 in play. If 5760 breaks, a retest of 5740 is sellers target, which is now a weaker support.
As of now: 5760 is today’s support level. Already defended once. Holding above it keeps 5779, 5792, and 5797-5802 in play. If 5760 breaks, a retest of 5740 is sellers target, which is now a weaker support.
Note
As mentioned in last update, a retest of 5740 was sellers target. They tested it to the tick and ran right back to 5760. Remember levels get weaker the more they test. 5728-30 is below there which is the final support buyers must hold or sellers melt us to 5712. 5760-61 needs to reclaim to rally.
Note
5740 was a key support level, and on the third test, it finally gave way. As noted, levels tend to weaken with each test. The first test held right at last night’s open, the second test this morning led to a rally to the 5771 target, but the third test failed.
As of now: Looking for 5728-30 as the next support below. Bulls need to reclaim 5740 to attempt a rally; otherwise, watch for a move down toward 5712.
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