ES1! SPX500USD 2022 MAY 02 Week
Market reached 4127, so scenario1 has materialized.
Wait for price reaction to this level.
We should now be on the look out for Scenario2 or 3. Preference is to
short when price retraces on lower volume to test demand.
Scenarios mapped out:
1) Test of breakdown 4368 (test may not happen), and
price continue toward 4135-4212 region --> materialized
2) 4135-4212 broken and price continue downward or
3) 4135-4212 again is supported and market attempts for
next higher level.
Weekly: Ave volume down bar closing at low = weakness
with some demand
Daily: Ave volume down bar closing at low = weakness
H4: Ultra High Volume down bar closing off low and narrower spread = strength
Price reaction levels:
Short = Test and Reject | Long = Test and Accept
4874 4800 4740
4631 4584 4525
4433 4368 4213
4135 4037
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Have a profitable trading week.
