ES Plan Week #22 [Final Week Update]
I update via X based on this plan as the market session unfolds in real time. Make sure to follow for the real time market updates! X (Twitter)- trader_izzy
ES Plan Week #22 link below with the full details on the key level and wider ranges of focus.
Finishing Up The Week
The main range the market was in heading into this short week was, if readers recall set at 5273.5-5368.25 from the 4H Timeframe.
The key level for both buyers and sellers was 5333.5 being the upper daily pivot level to keep immediate upside in play.
Tuesday the market saw a quick intraday down turn which was met with buyers but put in a do or die situation. Demand drained up and the market failed to get through 5333.5 and then began working our way down level to level into 5273 to close the Wednesday session out.
It was Wednesday overnight session heading into Thursday, that the market sold off below 5273.5 to put in a low of 5250.
This was the update into Thursday before cash open that I sent out and was very straightforward.
Intraday, buyers did hold 5250.5-5258 support zone I laid out that kept 5273.5 test alive. Eventually, sellers kept 5273.5 intact and put 5264/5250.5 back into play and followed through as the Thursday cash session was closing. Below 5250.5 was my next target 5240.75 and holding here now.
Nearly 100 points down now from failure of getting through 5333.5. This sell so far has been choppy and very slow price action with no real momentum behind it. Average trades, I am continuing to keep trades level to level (10-15 points), locking in profit and calling it a day.
We are near a major support I have been mentioning (5240.75) which is what I watching into tomorrow if we can get some action. If sellers manage to break below here and find acceptance opens the door into 5218-5188.75.
Let’s get into how tomorrow’s set up looks and how I will be approaching.
1H and 4H Timeframe Ranges
1H Pivots 5250.5-5277
4H Pivots 5273.5-5339
5240.75, major support here and reason being if readers recall is that this was the pivot sellers broke down on 05/14 to attempt a downside move. Buyers stepped in and reclaimed this pivot putting in a false breakdown set up which ripped longs and now buyers last hope here to look for some relief.
Holding 5240.75 keeps lower 1H pivot of 5250.5 in reach and buyers first victory here. Market must reclaim back over 5250.5 to keep upside in play short term. This will just keep us within 5250-5277 range short term.
5273.5-5277 is a breakout area market must get through which opens the door into 5286/5296/5305.75
Failure of 5240.75, the market continues daily time framing down with targets set at 5226.75/5218-5188.75
15 Min Playing Field
Sellers initiated yet another move down below 5250.5 hitting 5240.75 target with a low of 5234.5 so far.
Upside
The level for buyers to watch here as mentioned is here at this 5240.5 support level. This holds, longs can be played. Holding here puts first target area on upside at 5250.5-5258.25. (remember, sellers initiated another break lower from here, any rallies here can continue to be met with sellers, manage risk.)
This zone here MUST reclaim to think about anymore upside. Reclaiming back over 5250.5, trigger is 5258.25 to rally into 5264/5273.5-5277. 5277 is the trigger into 5285-5298.25 seller zone.
5240.5 fails, be patient here with the longs as this deepens the sell into 5218-5188.75. Since the failure of 5322 support level early into the week, there has been no sign of a support establishing and holding, knowing this information we have to be cautious as sellers remain in control until a broken down support can reclaim. 5250.5 is that level for now.
Downside
Sellers initiating another breakdown here below 5250.5 and so far hitting 5240.5 1st target. Same story different level into tomorrow. Sellers want to hold 5250.5-5258.25 zone on any retest to keep the ball in their court.
Holding this area, 5234.5 is that target sellers want to break to resume lower with targets at 5226/5218-5188.75.
5250.5-5258.25 is an area I would like to look for shorts on weakness, however if this zone is met with buyers, I would just wait until 5285-5298.25.
The immediate breakdown short trigger is at 5234.5 for those that like those type of trades.
As always, will be updating into tomorrow based off this plan. Let’s see if buyers can hold 5240.5 to attempt anything. Let’s end the week on a good note.