!ES_F 2.02.22 Overview and levels to watch

2 de fev. de 2022

Slow grinding globex action leaves us with inventory 100% long today. What can we see today in RTH? On a bigger time frame we flushed down our inventory over 4620 and now we are almost back to the location of the break down on Jan 18. Question is did we really clean up all that trapped supply in such a short time, have no more supply for sale and clear to go up or will we find a seller today at the levels we did before since not everyone sells at the same time. Our levels to watch for the day are 4570-4562.50 as PM support if we break and hold below that is our first signs of weakness under there we have 4551.25-4548.75, 4536.75-4532.50 and our Key intraday support at 4524.25-4519 which if broken then this whole move was just short covering and we can see more downside. On the upside we have 4589.50-4584.75, 4603.25-4598.75 and our Key resistance at 4623.25-4614.50 we do expect sellers there. We have made some big moves last few weeks and the action has slowed down to a grind so it will be tricky to trade and have to manage expectations. If we do break and hold over our key resistance that would be a bullish confirm and we can see higher levels of 4636.50-4632.25 and 4650.50-4646.25 where we do expect to see sellers.