ES1! SPX500USD 2022 MAY 23 Week

22 May 2022

ES1! SPX500USD 2022 MAY 23 Week

Last week's retracement went beyond 4056,
as demand came in to support the market.
Nonetheless short on retracement was good.
This tells us the importance of waiting for
price reaction at the levels.

Possible Scenarios:
1) Test and reject at supply line of channel for short
2) Market rotate between 3855-4091 as demand & supply
slug it out

Weekly: Ave volume down bar close off low = minor strength
Daily: Average vol up bar close off high = minor strength
H4: Very high volume up bar close at high = strength

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

4874 4800 4740
4631 4584 4525
4433 4368 4303
4133 4091 3947
3902 3855 3720
*3913-4000 (previous high demand area)


Remember to like and follow if you find this useful.
Have a profitable trading week.