S&P futures content for June 7,2019
My Bias to start the trading session today is moderately bullish with the overnight making higher highs trading up to 2861.25 roughly I think today’s session can retest those levels. However if the bears want to take control of the trend at some point today they must trade below 2844.75
If the bears can maintain that momentum through 2840.00 I expect the sellers to trade down to 2827.50 I would be looking for an short entry roughly at 2840.00 down to 2835.0 and possibly continuing to hold until 2827.50 if I’m not forced out. If the buyers can maintain the direction of the market as they have over the past 3 days I will be looking for an entry above 2871.50 to go long with an initial target of 2876.00 the 2878.75 roughly.
If we trade above 2878.75 I believe we can go up to 2883.25 to 2887.25 then 2889.75 to 2891.75 before going to 2896.25
To the downside if we trade below 2827.50 I’m anticipating levels to be tested at 2823.50 to 2818.25 then 2814.50 to 2809.50 then 2806.25 to 2804.00 if we break that low which would truly be a shocker based off the week we’ve just had the next level I’ll be looking at will be 2795.75 to 2792.75 with much more room to go to the downside again if this happens it will definitely be a shocker considering the trading week we’ve had. This wouldn’t be impossible of course because as you know nothing is impossible in trading but this would require some kind of economic event.
This is just a very brief example of how I will be actionable today in the ES. Let’s see how the market responds to my thoughts