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ES Weekly Plan | February 20-24, 2023
🟥 Daily: OTFD | Ends: 4090.50
🟨 Weekly: BALANCE | 3 Week | H: 4208.50 L: 4029.50
🟩 Monthly: OTFU
Weekly Extreme High: 4205
Weekly Extreme Low: 3970
NOTE: I'm away from the desk for the next few days, so the daily and weekly plans will be provided in a condensed, commentary-free format. Regular, detailed plans will resume on Wednesday, February 22nd.
The weekly level of interest is 4090, which is the same level as previous week. Note how we gapped below that level on Friday, and it later acted as resistance. Buyers main objective is to end the daily one time framing down. Sellers are in short-term control as long as Friday’s gap remains unfilled. Break and hold above 4090 would target 4135, which is the short-term value. Note that we have the monthly VWAP in close connection. Break and hold above 4135 would target the resistance area from 4170 to the Weekly Extreme High 4205, where selling activity can be expected. Note the unfilled weekly gap slightly above the resistance area at 4220.75. Also, note the confluence with 4205 and the 3 week balance high.
Holding below 4090 would target the weekly NVPOC of 4055, which failed to get tested on Friday (4055.75). Break and hold below 4055 would target the support area from 4005 to the Weekly Extreme Low 3970, where buying activity can be expected. Note how this support area coincides with the most traded price by volume on the volume profile on the far right, which is plotted starting from August 15th (prior swing high). Additionally, MA50 and MA200 are also nearby. This support area is crucial for buyers to maintain.
🟩 Upside: 4135 | 4170 | 4205 | 4220 | 4255 | 4300 | 4335
🟥 Downside: 4055 | 4005 | 3970 | 3915 | 3870 | 3847
Disclaimer: Futures and options trading involves a high level of risk, with the potential for substantial losses. The information provided in this newsletter is for informational purposes only and is not intended to be a trade recommendation. It is the responsibility of the reader to make their own investment decisions and they should seek the advice of a qualified securities professional before making any investments. The owners/authors of this newsletter are not certified as registered financial professionals or investment advisers.
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