E-Mini S&P500 Levels 7.24.25
Sorry y’all I was traveling the middle of the week so I missed posting yesterday.
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For context, for those who are unfamiliar fibonacci sequence levels are mechanical levels, and I implement both mechanical levels and contextual levels (from auction theory) in my analysis. I typically use mechanical levels to project price targets and potential areas for distribution.
I also use fibs to also identify technical failures in sequences to add an additional layer of confluence.
» Review of Price «
We did have some nice range expansion, as we broke out of balance and put in a new ATH in ES. So there will be a bit more to go over.
Looks like we ran into some distribution at 6374, followed by a flush to downside targets of 6324, 6315 (front run 2pts), before seeing a mean reversion, to upside targets 6385 and 6404 and 6421 (front run by 3 pts)
I will be watching for 6385 to hold as potential support. Below, we can see SPX has a nice rally into new high, and looks like we are running into some distribution at the high.
Going into tomorrow
We ran into some distribution towards the close today, we see 6400 holding as our current support level in ETH. If it continues to hold overnight, that sequence targets 6426. My bias for this sequence is bullish, until there is a technical failure in the sequence.
In order to maintain the current sequence bulls must defend 6390s. If we are able to maintain this current sequence, I have targets above at 6426|6438|6454|6524* Failure to do so will open us up to lower support zones 6375|6385 and 6350|6360.
My line in the sand is 6360 for bulls to hold above. A break below this level will make me reconsider my bias. I do have some downside targets of 6328|6289|6250*
*these targets I would only expect under extreme buying/selling pressure
» Levels «
Line in the sand
6360
Upside Targets
6426|6438|6454|6524*
Downside Targets
6328|6289|6250*
As we approach premium zones (red boxes) it is important to proceed with caution when chasing longs. Vice versa is also true, as we approach discount zones (blue boxes) you should also proceed with caution when chasing shorts.
Trade safe y’all. Stop Loss is your best friend!