A reclaim of the 3850 lvl/fib for a possible move into that 4hr supply as shown above.
A breakdown of the 3833 fib and 50DMA we may see a flush to 3808 then ultimately the 2hr DZ @ 3790-76 as we spoke ab on the weekend.
Perfect bounce off the 3833 .618 fib we spoke about on sunday. Level to level - breakdown of 3850 led us to this support. 3833 coinciding w the 50DMA creating a strong confluence. For post FOMC I am watching...
You can see exactly what happened when we broke above that mentioned 4hr supply. Initial rejection was sold to 3900 where higher lows were put in and ultimately a BO occurred. Watch for protection of the top of that prior SZ @ 3910 now
Solid long opportunities today. Arrived at the shown SZ and fib resistance at 67. How we interact at this price is most likely going to determine the rest of our session
$ES After breaking down towards that 1hr DZ @ 3755 were seeing a strong recovery pushing back into that prior upper range. 3827-25 was support -> resistance -> now support again. If price sustains above 3825 were likely going for a BO of that top around 3867
When playing a range break. The best way to confirm a BO is sustained action above prior highs or lows. In laymen terms, let back tests determine if we’re really breaking out. Plenty of times ppl get sucked in on new lows or highs before a flip back into the range.
Rangebound ahead of earnings as we predicted last night. $ES is running wicks on the top and bottom of the range before reverting to the mean of this range. Lots of "traps" - play the extremes w looser stops and smaller size or sit out and wait for the break
Oops - realized I didn't attach a chart of the mentioned SZ 😆. You can see how we got a perfect bounce off the backtest before heading to our ultimate target of 3900
3855 break —> 3875 in the first hour of the session ✅ bulls want to sustain pullbacks above the shown supply zone in order to target the 3895SZ or 3900 psych lvl
...of what happens when the range finally broke (great directional movement). UP NEXT: ES is consolidating within these fib levels. A break and hold above 3855 likely targets yest highs then ultimately the 3900 psych. Breakdown of the .5 and we can see demand @ 3809