Yesterday was another trending day on ES with the market continuing to rally on positive news coming out of the US. The ES is showing extreme strength and I will not be looking for shorts in this market until we see some signs of weakness. Going with the trend is the best way to trade this market and longing any pullbacks in to support should yield better results than trying to short.
Trading Plan
Impulsive moves to the upside, or downside mean there is very little in terms of support and resistance left behind, this means any rises or drops in price could be rather large. Today I will be mainly focused on momentum trades rather than putting much weight on technical levels.
Todays levels of support on the S&P 500 where price may, or may not give a reaction are:
- 5,897 – pdVAL in confluence with taking local liquidity.
- 5,881 – pdEQ in confluence with filling single prints.
- 5,825 – Untested Value Area Low, aPoc.
Todays levels of Resistance on the S&P 500 where price may, or may not give a reaction are:
- 5,927 – pdVAL and pdHigh sweep cleaning poor highs left from yesterdays NY session.
- 6,000 – Untested daily value.
High Impact News events to be aware of:
- None.
The above levels are intended as areas of interest only, they are not in anyway financial advice and a valid entry trigger, stop loss placement and target needs to be considered before entering any position.