Directional 1st 30-min.
GBPUSD bounced off previous week low but EURUSD is falling off the cliff and USDJPY is zooming another 100 pips higher.
=> Bearish for ES
w. spring against S1.
previous day low is now resistance.
If it turns into support, PP in play.
Previous day low taken out, mini high low swings all the way.
ORH and PP in play.
NQ filled most of the gap this morning. Good reason to bounce.
ES test day high turn.
NQ took out ORH and at day high zone now.
On the weekly level, ES just tagged ORL and VWAP from below – happens to be PP on daily also. Implications?
PP tagged. Morning bias used up at this point in time.
However, we now get 1 pm new high + IHS on RTH 5-min. =)
The weekly ORL + PP will likely act as resistance because it is first touch.
Important time is now. Should previous day close act as support and a breakout above PP happens, R1 at 21.50 in play.
Why I changed to bullish view since late 11 am?
The custom tick indices turned extremely bullish in 11 am slot. Since then, the tick indices stayed bullish all the way.
ES one minute time frame, forming a higher low breakout upside from PP could tag R1.
Almost 3 pm – not enough time for short side setup to develop unless we get a directional breakdown from here.
So what does that mean? It means it is more likely we will see 1 more new high in 3 pm slot.
Still going nowhere. No time for any setup now as close is within 40 mins.
Left before mkt close as I have some personal things to attend to. Looks like they almost made it for the 3 pm slot new high =)