ES - August 12th Daily Plan - Session Open

11 Ogo

We kicked off the week with a choppy session that ended closer to the lows of the session range. 6387 - 6432 with 6414 being the magnet in between. We cant get moving to the upside until we can clear this choppy range. Price can still continue sideways until a catalyst breaks it out of this range. CPI is tomorrow at 8:30am and my lean is that we hold today's low overnight and continue to move sideways between 6387-6414. Ideally, we can flush down below 6380 and reclaim today's lows of 6387. The levels in yellow and a reclaim of the white trendline are the levels I am watching to trap shorts and move us up higher and out of the range. We will most likely get some fake outs tomorrow and I will only trade the reclaim of today's low or a level lower. I will update the plan tomorrow am before 8am EST and can provide more thoughts based on the overnight session action. Still bullish above 6333, but a loss of 6360 could be a signal that we need to go further down before we can keep momentum higher. Ideally, we build a base overnight, flush today's low and rally up to the 6430 resistance in the range.

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12 Ogo

Nota

5am - Update

Overnight price has been building a flag between 6392 & 6411, which is what I was leaning towards happening leading into the the CPI at 8:30am EST as written above in my overnight plan. I will provide a more in depth daily plan closer to 9am based upon the release of the 8:30am CPI data.