Morning Insight - ES
7/17/2024 - Wednesday
Good Morning Traders,
I have to do this outlook slightly different than usual. I had a family emergency yesterday and had to scoot out of town unexpectedly so please pardon the change. There will be no video today so please read the outlook below and follow along with the charts.
ES and NQ have rotated down last night as we predicted in the weekend review. We looking pretty heavy this morning as we enter the Previous WK VAH. As we have talked about many time before a rotation into last weeks value could rotate us all the way down to the VAL or lower. We have some Significant daily support that we will be using as a Line in the sand and that is located at 5668.75. Being above or below this will be Key for us as its not only the daily that has provided support multiple times but also the prev WK VAH. Directly above we have some serious untested resistance now. We have untested daily and 4hr levels at 5685 (Our Prior LIS) this level has been very important all week and above that we have more resistance into 5690 all the way into the 4hr at 5695. It is my belief that we will have a hard time getting back above this area. Support was lost here and we are back under our major area of previous support which should provide suppression to the downside.
If we continue to push lower we should see the untested 4hr at 5643.75. This area is very untested and should provide a reaction. however there is no telling if this area will hold for the remainder of the day so please exercise caution if we get below the 5639 daily area.
If we do in-fact pop today i would be very careful it price gets above the 5695.75 and holds. Above this area and we could traverse back up to ATHs.
Safe trading and See you tomorrow
Ryan Bailey
NEWS
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