ES1! SPX500USD 2022 AUG 01 Week
Market has reached previous supply zone.
Preference is long on retracement.
Possible Scenarios are considered:
1) Continuation of uptrend for long on retracement
2) Supply returns to reject higher prices. If market
exits uptrend and is rejected, possible formation of range 4071 to 3742-3642
Weekly: Ave vol up bar close at high = strength
Daily: Ave vol up bar close off high = minor weakness
H4: Narrow spread UHV followed by high vol up bar closing below middle =
weakness
Price reaction levels:
Short = Test and Reject | Long = Test and Accept
4071 3950 3742
3642 3600 3540
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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.