ES1! SPX500USD 2022 AUG 01 Week
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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Have a profitable trading week.
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