ES1! SPX500USD 2022 MAY 16 Week

14 May 2022

ES1! SPX500USD 2022 MAY 16 Week

Last week high demand area 3913 - 4000 support came in, causing a retracement.


Possible Scenarios:
1) Test and reject 4056 breakdown area for short opportunity
2) Market rotate between 4056 and 3913 to exhaust demand before being
able to resume downtrend

Weekly: Ave volume down bar close above middle = minor strength
Daily: Low vol up bar close off high = weakness
H4: Very high volume up bar close near low followed by high volume up bar
closing off high = weakness

Price reaction levels:
Short = Test and Reject | Long = Test and Accept

4874 4800 4740
4631 4584 4525
4433 4368 4303
4133 4056
3913-4000 (previous high demand area)
3870 3720

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Have a profitable trading week.