ES1! SPX500USD 2022 MAY 08 Week
Last week Scenario1 test of breakdown and target of 4135 reached.
*3913 - 4000 = previous significant demand area.
Down channel with extension of supply area mapped out.
Daily and Weekly showed minor strength, so there could be a test of the higher
levels first (retracement) as supply is temporarily exhausted.
short on retracement is preferred,
Scenarios:
1) if 4133 is supported, market may attempt Test zone 4303 for a short opportunity
2) If price rotates between 4133 and 4056, prefer to stay out
Weekly: Ave volume down bar closing off low and shortening of low = minor strength
Daily: Ave vol down close above mid of bar followed by ave vol down bar with
narrower range closing above mid of bar = minor strength
H4: Ultra high vol up bar closing off high followed by weak close up bar = weakness
Price reaction levels:
Short = Test and Reject | Long = Test and Accept
4874 4800 4740
4631 4584 4525
4433 4368 4303
4133 4056 *3913-4000
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Have a profitable trading week.
