Hello Everyone,
On Saturday, I posted in the trading community some information regarding Liquidity which is the ultimate driver of the SPX as you will see with supporting documentation. You can now find near the top of the trading community as a sticky post for now.
Note the ES Levels have transitioned to the September Contract (ESU23)
The ES Weekly level of interest is 4358 which is Friday's afternoon high. A break and hold above 4358 would target the resistance zone 4395-4430 (4410 is the monthly extreme high adjusted for June contract).
Holding below 4358 would favor a test of the August high of 4327.50 which if lost would target the support zone 4305-4270 with 4230 below. Take note of the June settlement of 4304.75 as roll gaps tend to get filled.
Adjusted for September contract, ES broke out of its recent range around 4288 - bulls in control above with the August highs then next target area.
I will now be updating the Daily Levels for the September Contract in the Trading Community.
Key Events for Next Week:
1 CPI - Tuesday
2. PPI and FOMC - Wednesday
3. Retail Sales and ECB - Thursday
4. U of Michigan Sentiment and Inflation Expectations - Friday
Please take a moment to look at the trade ideas.
