#ES Futures Review for the week 06.05.22

5 มิ.ย. 2022

Last Tuesday I was doing a review and saw that Friday the 27th we broke into a balance where we still had plenty of supply over 4143.75 and our position is below 4084.50 which told me that we will most likely spend some time around here to consolidate before we can confirm direction for the next move, Tuesdays close confirmed that more and I gave myself a range we could possibly stay within which was 4170-4060 so we can clean things up and get ready for the next move, especially with it being the beginning of a new month I was looking for the range to tighten up which we started to do, we made an attempt to get out of 4170 Thursday but that move was sold and we went back towards the smaller position that was between 4100-4077, failure to reach 4077 for now and filling orders below it is a sign of strength for my MGI, it tells me that so far its just inventory moving and not LTF sellers. It takes time after large moves to clean things up, take care of business and confirm next move. We don't really have any market moving events until Thursday/Friday so I will be cautious in the beginning of the week because we are still closing within range and this is where it can tighten more or attempt stop runs before it chooses direction. This week I want to see if we attempt a break down under 4084-77 and come back in without reaching the next Key Support around 4030-25 to trade it from 4084 back up to 4137-43 and possible move higher to 4220-4214+ area or failure to take out 4084-77 and get back over 4143 to make a run at 4220-4214+. This week the only shorting locations I am interested in is if we get back to 4143-37 area without extending from it or if we lose 4046-42 and clear break and continuation on 4030-25.