Two important levels for ES this week. 4300 and 4350. On the hourly chart the downtrend is still at play, but we have put in two higher highs, and three higher lows, which could be indicating a trend reversal to the upside. But taking any long position into 4350 is extremely risky, until we can clear it.
Also pictured is ES's 10k tick chart, which typically is a better trend indicator. We broke the downtrend (teal line) and have successfully back tested the downtrend ~3 times while also creating a new uptrend.
It shouldn't be surprising to see chop and tight price action after so many trending days, but these are the levels I'll be watching for ES. I'll take long near 4300 and shorts near 4350 until price says otherwise. Listed are my long targets, and any shorts from supply will only be a few point scalps since it seems we are forming a reversal. Any short positions below 4300 could be sketch since daily demand is 4310-4270 (we could find support anywhere in that range).
Also pictured is ES's 10k tick chart, which typically is a better trend indicator. We broke the downtrend (teal line) and have successfully back tested the downtrend ~3 times while also creating a new uptrend.
It shouldn't be surprising to see chop and tight price action after so many trending days, but these are the levels I'll be watching for ES. I'll take long near 4300 and shorts near 4350 until price says otherwise. Listed are my long targets, and any shorts from supply will only be a few point scalps since it seems we are forming a reversal. Any short positions below 4300 could be sketch since daily demand is 4310-4270 (we could find support anywhere in that range).