#ES_F Day Trading Prep Week 06.02 - 06.07
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Last Week :
Last week market opened up outside of Value, build some more supply then started the correction lower, we were able to move down to VAL where we found our first Support where we were able to do some covering but eventually we broke, held under and go continuation towards the Lower Edge, we were able to test its bottom where we ran out of Supply and got a sharp reversal back inside Value for a big move from VAL to VAH.
This Week :
Going into this week if we look at Structure we can see we did a look below VAL and fail which gave a return trip to VAH which we tagged, build more supply under and Failed which gave another round trip back to VAL and this time we tagged Key Support at 5249.75 - 44.75 and it acted as proper Key Support giving another big bounce all the way back towards Key Area and as we can see end of day push over 5295.50 - 90.25.
Globex consolidated over Key Area but was not able to hold and we got a flush back inside the Means of 5295.50 - 44.75 Range. This to me screams balance, and I think market will want to stay around these areas going forward until we will build up enough supply to accept under VAL or get stronger buyers to give us acceptance over VAH.
My bias is that we might not see higher prices over 5320-40s for some time but of course we never know and have to trade what market gives, for now I believe this current intraday range can finally become our balance range which we haven't gotten in some time, we have been moving ranges back and forth without spending too long in each and I think its about time we get some good balance action that can last a while.
The way I will be trading this we have our intraday range means at 5279.25 - 75.25 // 5264.75 - 60.75 this is the area where price might want to keep returning back into, pushes out of them can go towards the Key Edges of 5295.50 - 90.25 as our Resistance and 5249.75 - 44.75 but this is the time to be careful with looking perfect tags or too much continuation outside of Key Edges because if we have found balance we will look for any pushes out of the Means to return back either from failures at/above/below Key Support/Resistance or we could even see pushes out of means that will consolidate above/below without tagging Key Edges and then return back in, and when price is between this will be our balance/build up area.
Will continue trading this range until we can see clear acceptance Over or Under Key Support/Resistance and holds over/under VAH/VAL.
Levels to Watch :
Current Range 5295.50 - 5244.75
Means 5279.25 - 75.25 // 5264.75- 60.75
Key Resistance 5295.50 - 90.25
Key Support 5249.75 - 44.75
IF we do happen to leave balance and accept under/over the ranges would be
Above :
5341 - 36 Key Resistance
5324.75 - 20.75 // 5310.50 - 06.50 Means
5295.50 - 90.25
Below :
5234.25 - 30.25 // 5219.75 - 15.75 Means
5204.25 - 5199.75 Key Support
Last week market opened up outside of Value, build some more supply then started the correction lower, we were able to move down to VAL where we found our first Support where we were able to do some covering but eventually we broke, held under and go continuation towards the Lower Edge, we were able to test its bottom where we ran out of Supply and got a sharp reversal back inside Value for a big move from VAL to VAH.
This Week :
Going into this week if we look at Structure we can see we did a look below VAL and fail which gave a return trip to VAH which we tagged, build more supply under and Failed which gave another round trip back to VAL and this time we tagged Key Support at 5249.75 - 44.75 and it acted as proper Key Support giving another big bounce all the way back towards Key Area and as we can see end of day push over 5295.50 - 90.25.
Globex consolidated over Key Area but was not able to hold and we got a flush back inside the Means of 5295.50 - 44.75 Range. This to me screams balance, and I think market will want to stay around these areas going forward until we will build up enough supply to accept under VAL or get stronger buyers to give us acceptance over VAH.
My bias is that we might not see higher prices over 5320-40s for some time but of course we never know and have to trade what market gives, for now I believe this current intraday range can finally become our balance range which we haven't gotten in some time, we have been moving ranges back and forth without spending too long in each and I think its about time we get some good balance action that can last a while.
The way I will be trading this we have our intraday range means at 5279.25 - 75.25 // 5264.75 - 60.75 this is the area where price might want to keep returning back into, pushes out of them can go towards the Key Edges of 5295.50 - 90.25 as our Resistance and 5249.75 - 44.75 but this is the time to be careful with looking perfect tags or too much continuation outside of Key Edges because if we have found balance we will look for any pushes out of the Means to return back either from failures at/above/below Key Support/Resistance or we could even see pushes out of means that will consolidate above/below without tagging Key Edges and then return back in, and when price is between this will be our balance/build up area.
Will continue trading this range until we can see clear acceptance Over or Under Key Support/Resistance and holds over/under VAH/VAL.
Levels to Watch :
Current Range 5295.50 - 5244.75
Means 5279.25 - 75.25 // 5264.75- 60.75
Key Resistance 5295.50 - 90.25
Key Support 5249.75 - 44.75
IF we do happen to leave balance and accept under/over the ranges would be
Above :
5341 - 36 Key Resistance
5324.75 - 20.75 // 5310.50 - 06.50 Means
5295.50 - 90.25
Below :
5234.25 - 30.25 // 5219.75 - 15.75 Means
5204.25 - 5199.75 Key Support
Commento
With how "strong" today looked we still closed inside Previous Days range and spent most of our time balancing inside our balance range with a push out of Key Resistance back towards VAH with a close around it. Globex tried to run the highs but failed here. IF we can't hold above 5310 and start balancing between that and 5320 then we would look for a possible return back to our Balance Range with targets back under Key Resistance of 5295.50 - 90.25 and top of the Mean 79.25 - 75.25 area where we could continue balancing.
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