ES Pre-market Morning Analysis 7.17
Quick recap of yesterdays session
We held a beautiful sequence out of the lows with longs defending 6302. We held an extension that traded at 6310 to targets of 6333. Closing at 6340 above value, and near the daily hi of 6245.
Going into today - Review of ETH
In the OVN we did front run my target of 6359, (which is to be expected, since there is range compression OVN) We are holding 6340 as current support.
There is a potential of accumulation or distribution in this zone
** I dont always use ETH, but during strong sequences I am more likely to leave ETH on
Going into today
IT IS OPEX TODAY so there is potential for increased volatility due to this.
In order to maintain the current momentum of this sequence, I would like to see longs enter around 6333 / 6328. Targeting 6359 / 6375 these are shorter time frame targets, I do have 6384 / 6421 as a higher time frame target, which I do expect to see potential distribution at these levels.
My current short term bias is bullish coming out of this sequence.
Inability to maintain 6328 as support would be a technical failure in the current sequence which will open us up to lower retracements to 6316 / 6328.
If we do run into distribution, and / or selling pressure, there is potential to retest lower levels of support 6305 / 6293.
Break and hold below 6299 would open us up to retest lower levels of support 6280 / 6260 / 6251 .
A break and hold below this level would make me reconsider my short term bias.
Important levels for today
Line in Sand
6305
Upper tagets
6359 / 6375 / 6384* / 6403 / 6421*
*two bolded are higher time frame extensions targets which represent higher potential for distribution for me
Lower Targets
6328 / 6316 / 6305 / 6293 / 6263** / 6251**
* these are levels that I would be looking for potential longs, I am not interested in shorting strong sequences unless they break and hold below certain levels, I am not looking for shorts until there is a break and hold below 6305 / 6299, once there is a structural shift in sequence I am cautions approaching longs.
Trade Safe Y’all !