6/7: Daily Recap, Outlook, and Trading Plan
Recap
In yesterday’s trading session, we saw the ES continue its choppy mode after hitting the 4280 target last week. The market has followed a pattern of Thursday/Friday rallies followed by Monday/Tuesday chop for the past three weeks. We had a 20-point rally off the 4267 buy zone and spent much of the day chopping under 4290. With another significant late-week squeeze potentially incoming, focusing on catching one or two level-to-level pieces of the action each day is essential and avoiding introducing bias into intraday trading.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Near unchanged
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Up
💵 Dollar: Down a bit
🧐 Yields: Up slightly
🔮 Crypto: Down
Key Structures
Last Friday's breakout origin point at 4243, which serves as a significant level for bulls to maintain control.
The blue broadening formation, which has been the core macro structure guiding the market for the past 2+ months.
4317 resistance and 4261 support.
Support Levels
4284, 4274-76 (major), 4261 (major), 4243-47 (major), 4227 (major), 4221 (major), 4213, 4204, 4194-4198 (major), 4188 (major), 4177 (major), 4166 (major), 4155, 4137, 4120 (major), 4094-4100 (major)
Resistance Levels
4288 (major), 4303, 4315-17 (major), 4329 (major), 4340, 4353 (major), 4361, 4367 (major), 4382-86 (major), 4395, 4400 (major)
Trading Plan
📈 Bulls 4288-4284 is support. Next minor up is 4315, then 4317
📉 Bears begin on the fail of 4284. Next minor down is 4274 and 4261
Wrap Up
In summary, the market is still in chop mode, and everything between 4275-4290 is noise. As long as 4275 holds, we can push to 4303, 4315-17, and potentially higher. A sell-off may occur if 4272-75 fails. Stay focused on catching one or two level-to-level pieces of the action each day and avoid introducing bias into intraday trading.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
In yesterday’s trading session, we saw the ES continue its choppy mode after hitting the 4280 target last week. The market has followed a pattern of Thursday/Friday rallies followed by Monday/Tuesday chop for the past three weeks. We had a 20-point rally off the 4267 buy zone and spent much of the day chopping under 4290. With another significant late-week squeeze potentially incoming, focusing on catching one or two level-to-level pieces of the action each day is essential and avoiding introducing bias into intraday trading.
The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Near unchanged
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Up
💵 Dollar: Down a bit
🧐 Yields: Up slightly
🔮 Crypto: Down
Key Structures
Last Friday's breakout origin point at 4243, which serves as a significant level for bulls to maintain control.
The blue broadening formation, which has been the core macro structure guiding the market for the past 2+ months.
4317 resistance and 4261 support.
Support Levels
4284, 4274-76 (major), 4261 (major), 4243-47 (major), 4227 (major), 4221 (major), 4213, 4204, 4194-4198 (major), 4188 (major), 4177 (major), 4166 (major), 4155, 4137, 4120 (major), 4094-4100 (major)
Resistance Levels
4288 (major), 4303, 4315-17 (major), 4329 (major), 4340, 4353 (major), 4361, 4367 (major), 4382-86 (major), 4395, 4400 (major)
Trading Plan
📈 Bulls 4288-4284 is support. Next minor up is 4315, then 4317
📉 Bears begin on the fail of 4284. Next minor down is 4274 and 4261
Wrap Up
In summary, the market is still in chop mode, and everything between 4275-4290 is noise. As long as 4275 holds, we can push to 4303, 4315-17, and potentially higher. A sell-off may occur if 4272-75 fails. Stay focused on catching one or two level-to-level pieces of the action each day and avoid introducing bias into intraday trading.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Penafian
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