Thoughts for week of 7/3-7/7
Short week. Bulls continue to control the tape
Hello traders, Hope you had relaxing weekend. Monday is short day with market closing at 1:15 pm EST and will open on Tuesday at 5 pm.
Let me reiterate what I have been saying since first week of June that we are “Outside the 400 point box now. Until its back in the box, bulls are in full control.” So long as its > 4200 bull are in full control on longer time frame.
This is what we did on Monday and Tuesday.
We stayed mostly away on Wednesday to avoid chop and also during Wednesday Globex.
Though I anticipated trend day on Thursday morning, it chopped during RTH and trend up started on Thursday in Globex against 4434 that continued on Friday RTH session. We were able to grab portion of it by longing against 4466/70 level we had. Basically once bulls took over 34 in overnight session after London open there was no going back which continued for almost 60+ points.
This is what we had in last weekly post. As you could see once Bulls took over that 4432 and 4466, they kept going up. So far 4502 is holding it in.
Playbook for next week:
As a day trader I have setups that are only looking for next 20 points on ES . Of course some time that opportunity may turn into 50 to 100 points and we always have runner that takes advantage of that but we do not hope that market will move 100 pts every day and that’s simply unrealistic. We do not swing trade. Every trade is closed on same day with only runner left for over night session.
We broke out of 400 point chop box during first week of June. At this point bulls are in control of the market until we go back inside the box, that is below 4200 again. There is likely chance we go there at some point but we don’t predict and just react so we will trade what we see. Main levels I am watching are 4532, 4502, 4466/70🔥, 4432🔥, 4380🔥,4360. I will also be keeping eye as we may start trajectory back to lower edges of the chop box. Rest of the levels, live setups and other educational content as it happens are posted on private telegram
Bull bear line on weekly basis is going to be 4466/70.
If you subscribe to telegram then it includes daily levels and thoughts as they are also posted on private telegram.
Offline subscription option: As many people are interested in only levels and thoughts every day, I have created sub stack monthly & yearly option just for that now, these options does not include intraday trading on ES futures that I post on telegram. I may start posting some longer term ideas on it but for now its just levels and some short/long ideas. If you subscribe on sub stack as founding member then it also includes private telegram.
Econ for the week:
This week has FOMC minutes, its not meeting.
