Today we are using 39.50-41.5 as our bull bear zone. If ES can break above this then ES could go on to test 65.25-67.25 where i would expect to see Sellers on first test. Above this we have 75.75-77.75 which I believe could cap selling on the day time frame. This is our upside scenario.
However as ES left us with a downside imbalance on friday. I believe the more likely scenario is that we go back to test 23-25 and 18-20 both of which could provide could trade location in real time for a long setup. However is ES gets through these areas relatively easily i would expect us to retest 97.5-95. Which could cap buying on the day time frame.
Happy Trading.
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