After a day like this, you have to ask WHAT NOW?
Well, the
#ES_F &
#NQ_F trend update should help!
$ES -
Daily - Price saw a huge break below the 7350s zone and pushed down into 7240s, before bouncing back up. This has done 2 things - 1. Created the weekly 9MA HL and 2. Defined the new base box we are going to be in on the daily chart, with the 7350s zone as the b/b zone. This can mean multi-week range now from one zone to another, with defined support at 7240s. We can now start a 9MA consolidation here on the daily until we figure out the next step. A hold of the b/b zone here, can mean a bounce back to 7460s to test the 9MA. If the b/b zone is lost, we move lower to SEEK a HL against the low. THis can be into 7300, or a deeper test of PDL into 7240s. Think mean reversion inside this range, so unles we form acceptance at the lows, we will reverse back up.
4hr - Here is a closer look. Right at that 7350s b/b zone. If we can hold here for a quick HL, we can bounce back up to 4hr 9MA/7400-7410 and reject. higher if we reclaim that. If we lose 7350s, we go lower to seek a more traditional HL. That can be into 7300 (ideal). Or deep test into PDL. Mean Reversion!
For tomorrow, I will focus on zone to zone trading with a bullish bias after the strong reversal we put in. This is the perfect environment now for you two-sided traders to thrive in! Zone to zone