ES & SPY Outlook
Trading Plan for 
ES and 
SPY based on Downtrend and Key Levels
Overall Market Context:
We are currently in a confirmed downtrend forES and SPY since their respective all-time highs.
Major resistance sits at 5150, with major support at 5033 and 4965.
Trading Strategies:
Short Positions:
Primary Entry: Look for bearish price action (e.g., bearish engulfing patterns, failed breakouts above resistance) near the 5130-5140 hourly supply zone. This zone has not been tested yet and could offer a strong selling opportunity.
Secondary Entry: If the price fails to break through 5150 resistance convincingly, consider shorting on a retest of this level.
Targets: Aim for the first major support level at 5033. Aggressive traders can target the next support level at 4965.
Stop-Loss: Place a stop-loss above the 5150 resistance level to limit potential losses if the market breaks higher unexpectedly.
Long Positions:
Low-Confidence Opportunity: If the price reaches the 5025-5040 demand zone (previously tested twice), consider a long position with a tight stop-loss. This area has shown some support in the past and might offer a potential bounce.
High-Confidence Opportunity: Wait for a clear break and confirmation above the major resistance at 5150. This would signal a potential trend reversal and offer a more reliable long entry point.
ES and SPY based on Downtrend and Key LevelsOverall Market Context:
We are currently in a confirmed downtrend for
ES and SPY since their respective all-time highs.Major resistance sits at 5150, with major support at 5033 and 4965.
Trading Strategies:
Short Positions:
Primary Entry: Look for bearish price action (e.g., bearish engulfing patterns, failed breakouts above resistance) near the 5130-5140 hourly supply zone. This zone has not been tested yet and could offer a strong selling opportunity.
Secondary Entry: If the price fails to break through 5150 resistance convincingly, consider shorting on a retest of this level.
Targets: Aim for the first major support level at 5033. Aggressive traders can target the next support level at 4965.
Stop-Loss: Place a stop-loss above the 5150 resistance level to limit potential losses if the market breaks higher unexpectedly.
Long Positions:
Low-Confidence Opportunity: If the price reaches the 5025-5040 demand zone (previously tested twice), consider a long position with a tight stop-loss. This area has shown some support in the past and might offer a potential bounce.
High-Confidence Opportunity: Wait for a clear break and confirmation above the major resistance at 5150. This would signal a potential trend reversal and offer a more reliable long entry point.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.