Tuesday, June 2, 2020

E-mini S&P 500 Trending Higher Towards Bracket High (SPX - Plain Analysis)

Yesterday the ES June contract (ESM0) closed as an inside day without testing the high or low of Friday's price range. As the market dips into the high highs we can conclude a possible inside day failure pattern. For this we should look out for absorption patterns on the lower timeframes such as the hourly periodicity. A conclusion would be a pullback to the previous balnaced price range followed by support again. However the market heading towards the next level of possible resistance which would be the prior bracket high. Let's see how the market will evolve around the highs for now.

No comments:

Post a Comment