The E-Mini S&P 500 has been a great intraday mover this week, with moves easily spanning 10, 15, and even 20 points a pop. Here’s the key levels I’ll be watching tomorrow, along with the levels for all E-Mini’s..
Lower Value Relationship
The 5-minute chart of the E-Mini S&P 500 shows price tested VAL at the beginning of the day at 1,178.50 and was immediately met with selling pressure. This reversal paved the way for a steady decline the rest of the session, which sets up our game plan for tomorrow’s market.
The ES has formed a Lower Value relationship for tomorrow’s market, which is the most bearish relationship. If price opens below 1,155, we could see a nice opportunity to sell into morning strength, which could lead to a new three-day low.
The Game Plan
Our game plan for tomorrow is to sell morning strength for a shot at a new three-day low.
If price opens the session below 1,155, look to sell between 1,157.25 and 1,161.50, with a target set to the naked POC of 1,139.25. You can take an early scale at 1,145, and also play to a longer term target of between 1,126.50 and 1,130.
If price opens the session above above 1,170, this could indicate a change in sentiment, which could lead to a morning rally. If this is the case, look to buy into weakness between 1,161 and 1,166.25, with targets at 1,178 and 1,183.
Key Levels for the E-Mini’s
Here’s a look at my key levels for the five E-Mini’s for tomorrow’s market:
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Let’s see how the ES plays out tomorrow!
Cheers!
Frank Ochoa
PivotBoss.com
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