Morning Insight ES/SPX

8/7/2024 - Wednesday

Good Morning Traders,

Even after the massive hit at the end of the day and the nasty close on SPX at the end of the day. ES has held the 4hr support and progressed right back near the highs of yesterday for another 100 point drift in the overnight. These globex moves have been unreal if i do say so myself. The main leg head at the lows on Friday has held so far and sent us back into the massive resistance area where the leg turns up. This area is so critical for a sustained move higher as it represents a significant area of resistance. We have no real news to speak of to provide a catalyst but that hasn’t stopped the level of volatility and size of potential moves that are being presented. Take a look at the video to understand whats important for us to hold or lose for a sustained move in either direction

Safe Trading Today
Ryan Bailey

News:

Options VOL

Average Move:

Approximately 35 more points left in the average move above the globex high or below the globex low

Cheat Sheets:
SPX

ES

Morning Insight: