$ES_F * Recap with important levels to watch $SPX $SPY

Prior to the issuance of June NFP Report on Friday June 7th, I posted some observations and important levels that seem to interesting to revisit, specially in lieu of today´s sell off.

The Line in the Sand was set into 1620. Therefore:

Above 1620

1653

1650

1646

1644-42

1632-30

1626

.. While Below 1620

1610-1607

1596

1592-94

1587

1580

The following chart, relates the above referenced levels with price action, dating from June 13, until today. 

Image

Yesterday,  Wed. June 19th, ESU broke 1620, reaching 1612.50. Today, it opened up -briefly- to the upside, although it was not able to recover above 1620, which -not coincidentally- was the level in which the 40+ pt. sell off started.

There were key levels pointed today during preceding posts, which are still valid. Price action was relentlessly brutal for anyone trying to defend a long position, not only in ESU, but in every single asset I monitor on daily basis: Crude Oil (CL_F), Gold (GC_F) and EUR/USD.

Regarding ESU, I´m sticking to the levels posted during today´s updates.

I am leaning into further downside into the next few days, unless I see an intense and important buying response, rejecting lower value areas. In that sense, I will be looking into 1592.5 as a key level for buyers to regain, followed by the 1600-1598 & 1614-1610. Ideally, I would like to see the -broader- 20 pt. 1626-1606 area to be cleared in order to resume into further upside.

Alternatively, price action is approaching 1573.50, another key level I would be looking for buyers to defend. If buyers do not successfully support it, I will then be looking into 1565 & 1554, as extended targets.

Short term, the 1593-1587 area will contain price without modifying the above, eventually extending into 1597.75. Both areas are marked in blue and white on the chart below.

Image

DP.-

 

 

 

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