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Smash ES Weekly Outlook | November 21-25, 2022
🟨 Daily: BALANCE
🟩 Weekly: OTFU
🟨 Monthly: BALANCE
Weekly Extreme High: 4115
Weekly Extreme Low: 3830
An in-depth daily plan will, as usual, be published tomorrow.
The market basically took a breather last week, which was not surprising since we are within an area of prior balance. Note the stacked weekly VPOC’s to the left. The biggest event was the liquidation break on Thursday, that retested the weekly breakout and found buyers (trapped sellers got a chance to get out). That liquidation break cleaned out weak longs and failed to bring in new selling activity, meaning we closed out the week back at the weekly VPOC, which acted as a magnet in the lack of downward continuation.
For this week, the main focus will be on the 3 day balance. The balance high 3992.75 is weak, meaning there should be plenty of stops above. Note that the balance low 3913.75 is also the weekly low and if breached, the weekly one time framing up ends, meaning a very important reference next week.
The short-term level of interest is the LVN 3940. Holding above 3940 would target a breakout of the 3 day balance to target 11/15 NVPOC 4025. Break and hold above 4025 would target the resistance area from 4070 to the Weekly Extreme High 4115. Note the multiple references we have there, MA200, unfilled daily gap 4103.50 and a monthly/weekly NVPOC 4140, meaning an area where selling activity can be expected.
Break and hold below 3940 would target a breakdown of the 3 day balance to target the support area from 3875 to the Weekly Extreme Low 3830. Note the multiple references we have there, 20% correction level, HVN and unfilled gap 3825.75. The 3845 HVN will act as a downside magnet in case of a breakdown of the daily balance, where buying activity can be expected.
Upside levels of interest: 3992 | 4025 | 4070 | 4115 | 4140
Downside levels of interest: 3913 | 3875 | 3847 | 3830 | 3800
Economic Calendar: November 21-25 | Central Time (GMT -6:00)
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