mingjong

Up Thrust of ES S&P500 future - What's next move?

Обучение
CME_MINI:ES1!   Фьючерсы на E-mini S&P 500
7 Apr 2020 recap - S&P500 e-mini futures (ES) tested the target around 2700-2770 yesterday and had an up thrust movement on level 2700 before closing below 2650, as per my trading idea yesterday. It had a great run-up during the non regular trading hours (RTH). However, weakness did show up during the US session. ES was rejected from the target 2700-2770 with increasing supply. The down wave is the greatest for the H1 trend started from the low at 2450, suggests a change of character, which means that the up move could stop at least for now, into a trading range or even a reversal to move down.

During today's non-RTH session, ES had a weak rally up, tested only 50% of the last hour bar from yesterday followed by a reversal bar, which could be a sign of weakness. Should ES break below the support levels at 2600-2635, it could test lower targets like 2400-2450 or even the selling climax's low at 2174.

However, if the levels 2600-2635 are defended, with absorption characteristics, ES could test the swing high at around 2750 and possible to grind higher.

Bias - bearish. Expect a break of 2600-2630 to test lower.

Key levels - Resistance: 2650-2700 Support: 2600-2630. Swing high and swing low from lower timeframe.

Potential intraday setup - look for an up thrust or test of swing high at 2658, 2680 and/or key levels followed by a reversal to short. If ES can commit below 2600, I will consider to switch the position to swing trade instead of day-trading.

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