#ES_F Day Trading Prep for Week 8.20-8.25Levels to Watch :
Resistance - Current 4392.25-86.75 // Key for Continuation 4405.25-4398
4422-18.75 // 4434.75-28.50 // 4445-37.75
Support - Current and for continuation lower 4367.25-59.50
4349.50 // 4327-21.50 ? Not Tested.
Key HTF Support 4291.50-65.50
I wouldn't say 4378.50-74.75 is currently Support unless Globex can Hold over.
Last Week :
Beginning of the week market opened and held Current Support which gave a push back inside our Key Resistance area with a what could seem like a strong end of day push/close. To me it seemed like an end of day stop run to sell into, our theme has been sell what we can at lower prices while buyers are there then once buyers run out we move lower trapping new buyers above. Another red flag was that we didn't fully take out that 4502-09 area.
Tuesday Globex made a push out of Key Resistance, went sideways and failed which is what started our next move towards lower targets. We hit both of the big targets lower in one week, can see that closer to our bigger Support areas we were getting the more consolidation we needed to continue but we made it there.
4374-62-49 was our Key Support area on Friday and we needed to hold under for any continuation, this was also a big target where shorts would be taking profit and covering.. especially into the weekend, as well a Support everyone had their eyes on for possible bounce they have bene waiting for while its coming down? Support held and surprise we again got a stop run end of day back towards our Resistance for the day at 4392.
This Week :
This week might be a bit tricky, we had some good selling going down towards our lower targets but we are now getting closer to our bigger Support areas and there is starting to be more congestion around here. It doesn't look like there is enough strong buying here to just give us a bounce or a big reversal yet. We are still under the Supply and have been trapping more on the way down so this could take some time to clean up and or a another flush towards bigger Support where we could find a bigger bid that can give us a stronger move up or at least better hold to start bigger consolidation.
Currently our inventory is in this 4392-4362 range and we are looking to see where it could move, most of the inventory is built up over 4375 because we didn't spend as much time under it Friday. We have 4392-4403 as our Key Resistance and we would want to see market be able to push over it and look strong over it before we can start thinking of bigger reversal to head for higher stops, if we can't then that means continued weakness for now. If we do hold over 74 area and get over 92-98 then we will have a chance over Key Resistance.
If we get under 4378-74 we could see more selling towards lower Support, if that doesn't hold we have a chance for continuation lower where our targets would be 49.50 - 30s, possibly test of 27-21.50 and maybe that Contract Roll Gap area? which so happens to be above our HTF Key Support area. We will have to see if we can get in that space and fill it or do we find buyers to possibly give us a hold/pull back. If that doesn't hold we have 4310-4291 as our bigger time frame range low and its possible to either find a bigger bid or at least enough buying for hold/some sort of reversal IF we get there and of course if we find that.
Market made a big move lower and now might need time clean up, we will have to see what kind of action we get.
