Morning Outlook - ES

8/6/2024 - Tuesday

Good Morning Traders,

Last night we balanced in a massive range of 78 points that took us from our key location of 5306.50 down to the 4hr support where we also had YDays close and YDays POC. Today we are lacking news for a catalyst for a fuel driven push but we shouldn’t assume that we wont get any volatility. With a overnight range like this we can expect a few decent moves for us to capitalize on. The question is where? Well we find ourselves in a tricky spot as we have played and held the massive weekly leg end at 5135 but we have also bumped our head on the massive overhead resistance that we gapped below at the 5300 area. So what direction should be looking to continue our price action today? Well this is a great question and we go over the key levels in the Morning Outlook Video below. Be sure to watch so you can get a clear understanding of what’s important and what you need to look for for a continued move in either direction.

Safe trading today!
Ryan Bailey

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Morning Outlook