Morning Insight - ES

9/3/2024 - Wednesday

Good Morning Traders,

Here's a polished version of your morning outlook:

I hope everyone had a fantastic day yesterday! Our plan unfolded perfectly—once we lost the 5598 level, the market dropped sharply, giving us a massive 125-point range to the downside, which was double the expected 5 to 10-day average range.

Today, we’re sitting at a critical juncture:

• Support: We’ve come down to a significant support area near the all-time highs. The 5516 level is crucial—holding above it is key.

• Resistance: To continue the move higher, we need to reclaim 5532 on the daily. Beyond that, focus on 5542.50, our first level of resistance. If we break above this, there’s potential for further gains.

However, if we drop below 5516.50, be very cautious with longs, as the market might be looking to fill the gap, with very little support below.

Remember, we have news coming up at 10:00 a.m. EST. Stick to the plan, be patient, and let’s conquer these markets!

Ryan Bailey
VICI Trading Solutions

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