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Up Thrust of ES S&P 500 future — What’s next move?
7 Apr 2020 recap — S&P500 e-mini futures (ES) tested the target around 2700–2770 yesterday and had an up thrust movement on level 2700 before closing below 2650, as per my trading idea yesterday. It had a great run-up during the non regular trading hours ( RTH ).
However, weakness did show up during the US session. ES was rejected from the target 2700–2770 with increasing supply. The down wave is the greatest for the H1 trend started from the low at 2450, suggests a change of character, which means that the up move could stop at least for now, into a trading range or even a reversal to move down.
During today’s non-RTH session, ES had a weak rally up, tested only 50% of the last hour bar from yesterday followed by a reversal bar, which could be a sign of weakness. Should ES break below the support levels at 2600–2635, it could test lower targets like 2400–2450 or even the selling climax’s low at 2174.
However, if the levels 2600–2635 are defended, with absorption characteristics, ES could test the swing high at around 2750 and possible to grind…
