6/28: Daily Recap, Outlook, and Trading Plan
Recap
After a five-week rally, the ES saw its first pullback phase last week, with five out of six days in the red. However, the pullback ended at 4372, a multi-month support level. This led to a 30-point rally, highlighting the power of simple channels. Yesterday’s rally was also set up by a clean failed breakdown late yesterday.
The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Up
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Down a bit
💵 Dollar: Up
🧐 Yields: Down
🔮 Crypto: Down
World Headline
A group of top bankers, consisting of Powell, Lagarde, Bailey, and Ueda, gathered in Portugal to participate in a panel discussion about central bank policy.
Key Structures
The channel in orange from the June highs - this structure has controlled the entire 6 day selloff from Junes highs.
The 4373 level - very important and mentioned above/all last week.
The main breakout level from June 1st and 2nd.
The large rising uptrend channel in white. This connects the March lows and the May lows.
Support Levels
4412, 4399-4402 (major), 4393, 4383-86 (major), 4374 (major), 4357-60, 4346 (major), 4336 (major), 4326, 4313, 4295 (major), 4285 (major), 4278, 4264-67 (major), 4250-55 (major)
Resistance Levels
4421 (major), 4432-35 (major), 4444, 4451, 4467-70 (major), 4477 (major), 4485, 4497-4502 (major), 4510, 4520, 4533 (major), 4541 (major), 4560 (major)
Trading Plan
Bulls are in play as long as we are above 4374. Shorter-term, the 4400 zone will be key. Bears will take over on the fail of 4372. I don’t chase, so I’d need to see a bounce or some type of reaction at 4373, then I’d be looking short perhaps 4368 for a move down to the 4346 zone.
Wrap Up
We had a big run yesterday and now price will need to setup again. I expect some complexity from here. My loose lean is that we test 4430ish then do some back-testing/chopping (perhaps 4404 etc) before trying higher. I’m short again if 4372 fails.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
After a five-week rally, the ES saw its first pullback phase last week, with five out of six days in the red. However, the pullback ended at 4372, a multi-month support level. This led to a 30-point rally, highlighting the power of simple channels. Yesterday’s rally was also set up by a clean failed breakdown late yesterday.
The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Up
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Down a bit
💵 Dollar: Up
🧐 Yields: Down
🔮 Crypto: Down
World Headline
A group of top bankers, consisting of Powell, Lagarde, Bailey, and Ueda, gathered in Portugal to participate in a panel discussion about central bank policy.
Key Structures
The channel in orange from the June highs - this structure has controlled the entire 6 day selloff from Junes highs.
The 4373 level - very important and mentioned above/all last week.
The main breakout level from June 1st and 2nd.
The large rising uptrend channel in white. This connects the March lows and the May lows.
Support Levels
4412, 4399-4402 (major), 4393, 4383-86 (major), 4374 (major), 4357-60, 4346 (major), 4336 (major), 4326, 4313, 4295 (major), 4285 (major), 4278, 4264-67 (major), 4250-55 (major)
Resistance Levels
4421 (major), 4432-35 (major), 4444, 4451, 4467-70 (major), 4477 (major), 4485, 4497-4502 (major), 4510, 4520, 4533 (major), 4541 (major), 4560 (major)
Trading Plan
Bulls are in play as long as we are above 4374. Shorter-term, the 4400 zone will be key. Bears will take over on the fail of 4372. I don’t chase, so I’d need to see a bounce or some type of reaction at 4373, then I’d be looking short perhaps 4368 for a move down to the 4346 zone.
Wrap Up
We had a big run yesterday and now price will need to setup again. I expect some complexity from here. My loose lean is that we test 4430ish then do some back-testing/chopping (perhaps 4404 etc) before trying higher. I’m short again if 4372 fails.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.