ES Daily Plan | June 2, 2026

Market Context & Key Levels for the Day Ahead

— For new subscribers

The yellow levels highlighted at the bottom left of the chart are the primary intraday levels I focus on. To avoid impulsive decisions at poor trade locations, I follow a simple but effective rule: exercise caution when initiating trades outside of these yellow levels.

This means I’m cautious about chasing longs above the Final Upside Target (FUT) and shorts below the Final Downside Target (FDT). It’s important to understand that not chasing does not imply initiating a trade in the opposite direction, discipline over impulse.

Be sure to review the Weekly Plan for a broader perspective, key levels, and market expectations for the week ahead.

ES Weekly Plan | June 1-5, 2026

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Contextual Analysis & Plan

The overnight session kicked off with an immediate pullback, testing 7585 (Smashlevel) in the process. This low volume node was a key reference, as sellers needed to break it to gain traction back into Thursday’s range. The auction came one tick shy of 7585 before reversing higher (see Figure 1). Buyers managed to tag and reclaim 7610 (UT1); however, just ahead of the RTH open, a news-driven liquidation break unfolded, leading to a return to 7585.

Figure 1

In the RTH session, attention was on the 7585 level, as highlighted on the liquidity heatmap shared during the B-period (see Figure 2). Notable aggressive selling was being absorbed by passive buyers around the 7585 area. This doesn’t mean it was an automatic slam-dunk long; however, it does mean that shorting into 7585 was not favorable. In a prevailing uptrend, it is always important to pay attention when a counter-trend move struggles to gain traction, as this typically opens the door to opportunities in the direction of the trend, i.e. setups you want to focus on. An additional piece of information was the VIX testing its resistance level at 16.18 during this sequence.

Figure 2

A notable squeeze developed from the lack of downside follow-through, with price coming three ticks shy of UT2 at 7633, the 50% range extension from the 2-week balance (see Figure 3). The session closed back at Friday’s high, which also served as both last week’s and last month‘s high, making it a key short-term reference.

Figure 3

Smashlevels Recap

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Notable absorption early in the session led to a squeeze in the direction of the prevailing trend. The key 7633 level was reached in the process, from which the auction pulled back, forming an excess high that was well auctioned from an order flow perspective.

As excess often marks the end of one auction and the start of another, the key in the short term will be to monitor sellers’ ability to gain acceptance back within last week‘s range.

Intraday strength would be indicated by building value above 7629 (UT1), negating today’s excess, while weakness would be signaled by a break and hold below 7585 (DT1), i.e. traction back within Thursday’s range.

In terms of levels, the Smashlevel is 7611, last week’s high. Holding above 7611 signals stability and targets 7629 (UT1). Acceptance above 7629 would signal intraday strength, targeting 7661 (UT2), with a final upside target at 7680 (FUT) under sustained buying pressure.

On the flip side, failure to hold 7611 would shift focus to 7585 (DT1). Acceptance below 7585 would signal intraday weakness, targeting 7562 (DT2), with a final downside target at 7537 (FDT) under sustained selling pressure.

Visual Representation

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Levels of Interest

Going into tomorrow’s session, I’ll closely observe the behavior around 7611.

• Holding above 7611 would target 7629 / 7661 / 7680

• Break and hold below 7611 would target 7585 / 7562 / 7537

Additionally, pay attention to the following VIX levels: 16.94 and 15.16. These levels can provide confirmation of strength or weakness.

• Break and hold above 7680 with VIX below 15.16 would confirm strength.

• Break and hold below 7537 with VIX above 16.94 would confirm weakness.

Overall, it's important to exercise caution when trading outside of the highlighted yellow levels. A non-cooperative VIX may suggest possible reversals i.e trade setups.