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Here’s today’s Premium ES report. Enjoy!
Premium ES
On August 16 I wrote, “I’ve made no bones about the 1700 to 1702.50 zone being “thick resistance” lately, and the recent sell-off away from this zone certainly confirmed this, especially after the inability to climb above 1697. But sometimes, the market must go lower in order to go higher”
The E-Mini S&P 500 has definitely gone lower since its inability to climb above the 1700 to 1702.50 zone, reaching price levels as low as 1641 during the decline. There’s likely more downside ahead, but we must figure out if the market is going to see a short term bounce ahead of the next major wave of weakness.
The current two-day range in the ES indicates that we could see a big breakout move soon, likely today or Thursday, so watch the boundaries closely – 1657 up, and 1641 down.
A downside break through 1641 suggests swing targets at 1628.75 and 1620, while an upside push through 1657 could lead to upside tests at 1669 and 1681.50.
It is important to note, if price rallies to 1681.50, look for the market to sell off, as a reversal from this zone could spark the next leg down in price.
For today’s trading, the current pre-market low of 1643.75 forecasts bull targets at 1651.25 and 1655, while the current overnight high of 1651.50 suggests bear targets at 1644 and 1640.25.
Here are the Key Levels and Targets for the current session:
| PivotBoss Levels & Targets: E-Mini S&P 500 (ESU3) | |||||
| Wed, Aug 21, 2013 | |||||
| KEY LEVELS | ADR TARGETS | ||||
| 1,705.00 | LVN | ADR (10) | ONH | ONL | |
| 1,702.50 | Open Gap | 15.00 | 1,651.50 | 1,643.75 | |
| 1,702.50 | NVPOC | AWR (10) | WH | WL | |
| 1,697.00 | LVN | 28.50 | 1,657.00 | 1,641.00 | |
| 1,684.25 | CVPOC | ||||
| 1,681.50 | Open Gap | DAILY TARGETS | WEEKLY TARGETS | ||
| 1,674.25 | LVN | BULL | BEAR | BULL | BEAR |
| 1,665.00 | LVN | 1,662.50 | 1,644.00 | 1,669.50 | 1,635.63 |
| 1,656.75 | PD High | 1,658.75 | 1,640.25 | 1,662.38 | 1,628.50 |
| 1,650.50 | SETTLE | 1,655.00 | 1,636.50 | ||
| 1,650.00 | Dual MP | 1,651.25 | 1,632.75 | ||
| 1,641.00 | PD Low | *BOLD indicates primary objectives | |||
| 1,620.00 | LVN | ||||
| 1,610.75 | 61.8% Fib | ||||