Pre-market Analysis | E-Mini S&P

Welcome all my new subscribers! Thanks for tuning in and subscribing :)

For those who are new, I use Fibonacci Sequences as the core of my analysis. I do implement both mechanical and contextual levels (from market profiles) in my analysis. I typically use mechanical levels to identify potential areas of support/distribution.

If you do enjoy my posts and want to support it by liking it, that is greatly appreciated!

So yesterday we did just have a bit of an inside day / balance day, when this happens there really isnt too much to go over the majority of my chart will remain the same.

» Quick Recap

If you read my post from the prior day — 6457 was my line in the sand — looks like price does respect this level, with the LOD being 6457.25

We are currently now in 4 day balance — Expanded TPO charts w ETH.

When we enter these periods of consolidation we dont really know if it is distribution or accumulation. Everyone wants to be the one who says “bearish” or “bullish”, but the reality is, we dont really know, we just analyze and all make our best guesses.

What I can say is coming out of a period of consolidation, price will do one of two things, run out of buyers OR run out of sellers, at which point price will rotate into a different level in search of fresh supply, or fresh demand.

So most of my levels will remain the same for today. Monitoring for exhaustion of overhead supply above us, and longs stepping in to fuel the momentum for a continuation higher.

With my LIS (line in the sand) — keep in mind, i’m watching for break and hold below the level, sometimes break can drop below the level and reverse.

Levels

» Line in the sand — 6457

Break and hold ABOVE — 6490 — for continuation higher

Break and hold BELOW — 6457 — to retest lower support levels

» Upside Targets
6508 | 6536 | 6567 | 6633

» Downside Targets
6447 | 6433 | 6421 | 6399

Have a safe week y’all! Thanks for reading.