ES - August 19th - Big Picture View of Price

I wanted to post a 4hr chart of ES since we broke out in June and hit the 6245 zone July 1st. As you can see there are some clear levels of institutional buying. 6245 became support since July 2nd and we have tested this level 3X with last being August 1st. Each time institutions bought at this level and have been selling at higher prices. You can see that on July 31st we hit 6468.75 and price sold off nearly 225 points and buyers stepped back in on August 1st at 6245 and the cycle begins with selling at resistance and buying at supports of 6315, 6333, 6390, 6453-6456. WHY has price been very choppy in this 6456-6472 area? Price is either accumulating or distributing, but we never know until price loses a big support or resistance.

You can see that we are in a range of 6452-6508. IF, price loses the support of 6452, we will probably need to test 6390 or below. IF, price can regain control above 6472-76, we should retest 6508 then 6522, 6541.

6468 was the level that sold off in late July. Could this be the same level that causes another big sell off?

I have NO idea, that is not my job.

I find levels that institutions step in and buy/sell at. I follow the institutions footprint and enter trades using my edge at predefined levels.

I will be posting my Daily Trade Plan for August 19th before 8am EST. Without a catalyst, news or some other reason, price will most likely just continue to chop around overnight between 6453 - 6485. We need price to flush a lower level like 6450-53 to continue higher. IF, price loses that level and can't clear 6473-76, I believe we could continue lower pretty fast in which I would get out the way and let price build a new support level and reclaim the next level in yellow above that price.