ES Plan Week #25
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
Daily Timeframe Range Pivots 5756.5-5837.25
In ES Plan Week #24 the main focus was set on whether the market can hold and follow through above 5985-6008 to target the ATH’s.
If readers recall, in ES Plan Week #21 I talked about the big significance of this level (5985). This past week has been no different with 5985 continuing to prove itself as an obstacle for the market.
Screenshot below from newsletter ES Plan Week #21.
Into This Week…
This past week the market held above 5985-6008 and defended this area for the first 4 sessions but into the last trading day of the week this 6008-5985 area was flushed on geo political news.
This is an area (5985-6008) that needs to be recovered in order for buyers to maintain control of the market into the end of June.
Unable to recover back over 5985-6008 is the first sign that the market can begin to see some pullback action.
A lot of game planning will come from the smaller timeframes so let’s get into it!
4H Timeframe Range Pivots 5991.25-6074.75
Dropping a timeframe lower we get to the 4H timeframe and the current range here is set from 5991.25-6074.75. Possible this can change and as soon as it does I will update readers on it but for now let’s stick to the data that we have.
6008 is a very important pivot here as it was a clear resistance/breakout level. The market triggered above 6008 on 06/08 session which led to a week high of 6074 before returning right back to “home base- 6008” where the market began to attempt to establish by consolidating right above the breakout level.
6008-5985 was flushed on Thursday’s futures evening open on geopolitical news. Flushing under 6008 the market directly went to break under the weekly low 5991.25 leading a move right into the previous 4H Lower Pivot- 5928. Testing into 5928 the market was quickly bought right back up making a full round trip back into 5991.25; attempting to recover the weekly low that was broken overnight.
Heading Into This Week….
5991.25 will be a huge level to aide us onto direction as it is now the most recent breakdown sell trigger on this 4H timeframe that has fired off.
For bulls to regain control of this market (short term) that scenario begins at reclaiming back over the most recent breakdown sell trigger- 5991. Reclaiming back over 5991 just puts the market to trade back within 5991 to the highs of 6074; keeping the market within 5991-6074 range.
Unable to reclaim back over 5991.25 is a huge statement to be patient on the long side as failure to hold above 5991.25 can easily put the previous weekly low 5927.5 right back into play. Breaking below 5927.5 (previous weekly low) can set off continued downside with bigger target levels set at 5892.75/5853/5837.25/5756.5
