ES - Dealing Range Equilibrium @ $5,371 Met
Similar to other asset classes, there has been more movement within the 2 days of trading within this new month of August than the whole of July which is something to definitely pay attention to.
With rates announced and FED maintaining their 5.50%, the sentiment was bearish with many speculating a continuation in price action through all-time highs.
Last week i stated that the market symmetry between ES, NQ and YM is off balanced as we were seeing YM creating higher highs, higher lows whilst NQ and ES was faltering but the good news is there is more harmony in price action between the three pairs than there was last week which makes it easier to judge where price action is most likely to go next.
The question i always ask myself is where does the most pain lie?
Short term, i believe many are fearful and would want to sell
Notice the volume imbalance located within a premium @ $5,464.25 - $5,480.25 which the algorithms can reprice up into. This is where my scopes is set on for this week
With rates announced and FED maintaining their 5.50%, the sentiment was bearish with many speculating a continuation in price action through all-time highs.
Last week i stated that the market symmetry between ES, NQ and YM is off balanced as we were seeing YM creating higher highs, higher lows whilst NQ and ES was faltering but the good news is there is more harmony in price action between the three pairs than there was last week which makes it easier to judge where price action is most likely to go next.
The question i always ask myself is where does the most pain lie?
Short term, i believe many are fearful and would want to sell
Notice the volume imbalance located within a premium @ $5,464.25 - $5,480.25 which the algorithms can reprice up into. This is where my scopes is set on for this week
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