August 24, 2024 ES/SPY Analysis Update

Today we did a lot of chopping. There is liquidity left to be grabbed (above) on SPY, from the 2HR perspective, at 564. Keep in mind we are nearing a strong resistance level at 565. ES has a daily FVG close at 5672, with a weekly candle body top at 5681 (major resistance level). Of course we are not going to neglect the support side. ES has a daily support FVG at 5607 (SPY 557). But SPY chart shows a wick penetrating the 555 price level, which would indicate potential bull rise to close the SPY gap before pulling back down to retest the 560 price level again at a different time.