Morning Outlook - ES
8/28/2024
Good morning traders!
Overnight, we didn't see much progress as the market continues to balance within last week’s value area. This has been the trend all week so far. Currently, there's no significant news catalyst to push the market in a particular direction, but keep an eye on Nvidia's earnings report after the close today—this could certainly stir things up.
Here’s what we’re looking at:
Overhead Resistance:
- Weekly Value Area High: 5649
- 4-Hour Untested Level: 5655
- Daily Untested Level: 5661 (top of our current range)
- Key Support Levels Below:
- 5626: Close to the weekly POC at 5628
- Potential Untested Level: 5623 (yesterday’s open)
- Buying Tail Excess: 5615 (possible cleanup area)
There’s also a significant level to watch at 5598.50, which should provide strong liquidity. This is the level that absolutely needs to hold—if we see a sweep down to this point, I’ll be looking for it to hold.
Once again, we're within range, chopping around and balancing as the market accepts value up here. With no major news catalysts today, stay safe, trade well, and let’s conquer these markets!
Cheers,
Ryan Bailey
VICI Trading Solutions
NEWS:
OPTIONS VOL
Cheat Sheets:
Morning Outlook: