ES price action analysis for 31 Mar 2020 trading plan

2020年3月31日

• 30 Mar 2020 recap - The weak rally up to test the last hour bar happened during non-RTH. Yet no follow through to the down side. Level 2450 was defended. Trending up with low volume, suggests both demand and supply are low. Committed above 2600 could send ES to test resistance at 2650 and 2700 during RTH. Refer to the related idea link.
  
• Bias - rally up to test 2650/2700 until emergence of supply.
  
• Potential intraday setup - look for an up thrust of the non-RTH high to short and/or a spring of the non-RTH low (also coincides with the last hour bar from yesterday) to long.
  
• Key levels - Resistance: 2650, 2700. Support: 2600, 2550
  
• Note: Will we see a shift of sentiment after the end of this quarter? Price is at the resistance and is vulnerable for a reversal upon increasing of supply.