For the past few days I've been saying CME_MINI:ES1! is stuck in a range between 5342-5372. After a final failed breakdown of it yesterday that triggered longs, buyers broke us out the range finally. Size down now before CPI…protect your capital. Wait for traps. 5396, 5408, 5421+ next in play for buyers. 5363 lowest must hold on any CPI dips, or we sell
We have both CPI and FOMC this week on Wednesday. As always, we can only take things level to level, and trade the structure and price in front of us. There was lots of price action Friday, but ultimately to go nowhere and remain stuck in the same range. I consider this range to be 5372 to 5342 still, with a couple traps above the zone and below the zone....
After buyers broke us out yesterday, ES is now basing right off the uptrend channel sellers tried to leak us from June 3rd (5370). This is very typically after a trend leg/breakout, as after these play out, longs are risky (due to chasing), shorts are risky (against the trend), so this causes a very high chance of chop the day after. And that's exactly how today...
Just a quick entry setup recap in the midst of today. Overall, we are still basing within the range I posted Saturday though. CME_MINI:ES1! CME_MINI:MES1!
CME_MINI:ES1! Broke out a 1 month flag on May 6th (in white). This pushed us to all time highs and now the spot buyers want to get over for next week is the 3 month megaphone resistance at 5349 area (in green). Get above there and buyers can push for 5374. If sellers want to dip us this upcoming week, it can start on the fail of 5302. which will target 5274...
Plan for Tuesday: supports are 4949, 4940-42 (major), 4936 (major), 4925-27 (major), 4921, 4914, 4909, 4904 (major), 4898 (major), 4891, 4887, 4883, 4877-75 (major)
I am holding my long runner from 4903-05 still. We had the much awaited large breakout leg today, so yall should know what i’ll say next. My job as a trader is to position for these type of big moves....
FOMC WEEK‼️
Plan for Monday: Supports are 4914 (major), 4912, 4903-05 (major), 4897 (major), 4892, 4880, 4875 (major), 4861 (major), 4857, 4846, 4836-39 (major).
I am still holding 1 runner from Wednesdays late day 4891 bounce. 4925 to 4897 remains a brutal, complex chop range and it will only get trappier the longer we stay inside it (before the inevitable...
Plan today: 4537-45 is all a resistance zone. So be careful up there. 4515 support for right now. Sellers MUST fail 4515 to see downside to 4505-00 area, 4493. 4545 clears with volume, we running to 4560-65 direct
