What’s your version of bullish ? I’m only saying if the weekly closes here, the lows might be in for at least 3 weeks and a move near 3900 is possible
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Lets keep this PG. Thank you in advance.
Weekly chart is a much longer time frame for bullish/bearish than 3 weeks. The Daily is better suited for that. On a longer term like the weekly, I don't see bullishness yet.
Okay, that's all old news. Tell us what's in store for tomorrow.
I'm done for the month, so no more trading this week and thus not doing any real work for tomorrow.
But at glance on the charts, we had a breakout of the weekly range today and filled half of Friday's gap. The drop at the Close makes you wary it could be a false breakout.
So, either a reversion back inside this week's range below 3730 or we continue higher and trade back inside last week's range above 3765.
This market can turn on a dime, so it's best to stay nimble. We have some economic news coming tomorrow and there's also several FED speakers left before the week is over.
But basically that's what I'd be looking for tomorrow.
EDIT: That went by a bit fast. We're already trading inside last week's range, but the same premise still holds, i.e., reversion back below 30 or moving higher to close the gap from last Thursday.
3777.25 is an imbalance level on ES yet to be filled, so if we get continuation that would be a likely magnet for price and my ultimate target on any long setup. Given the macro view though not really seeing an edge here either way at the moment, so will just let the overnight play out and see if it's any clearer tomorrow.
If we get a follow through tomorrow, I see 3800 in the making. But that's a tough sell. Instead, I think we will trade lower in the ETH and gap down in the morning, followed by a rally to close about where we closed today or possibly a little higher.
What qualifies as "imbalance"?
Basically a means reversion level created by the velocity of a move, that has a very high return rate. Doesn't get filled only under the most bearish circumstances and since we got so close today it's just the most logical place for price to go if we get more upside.