$ES Daily Plan | June 4
Tuesdayās P-shaped profile, which formed a weak high at the all-time highs, was followed by a b-shaped profile today as weak-handed longs were flushed. While the session closed within todayās value area, after-hours weakness rotated the auction back into last weekās 2-day balance.
The high volume node (HVN) established from this balance area is crucial for buyers to defend, as it contains both last weekās VAL and last monthās VAH. Additionally, a failure to defend this area would bring a failed 2-week balance breakout into play, opening the door to shifting the broader tone.
Intraday strength would be indicated by a reclaim of 7587 (UT1), todayās afternoon rally high, while weakness would be signaled by a break and hold below 7537 (DT1), last weekās VAL.
Smashlevel: 7566