Market Analysis for Jun 7th, 2021


E-mini S&P 500 Futures: Keep It Simple Stupid – Déjà vu, Another All Time Highs Attempt Part 5

Copying and pasting a section from our ES trade alert room’s premarket gameplan report. FYI, the ES trade room provides real-time entries and exits with pre-determined stoploss and target levels alongside with real-time lessons on strategy/risk management/psychology/momentum. We specialize in quick intraday alpha setups and short-term swings with duration of 2-5 days and occasional 10-15 sessions holding period (some key levels + strategies have been redacted for fairness to subscribers)

  • Friday June 4th closed at 4228.5 at the highs as it was an all time highs weekly closing print
  • If you recall, it’s been a few weeks consolidating in this 4238-4029 range and market is now ready to attempt a breakout higher. Just be mindful that mid June to late June’s seasonality is one of the weakest durations 
  • Today is likely a slow grind up day, when above 4214, all intraday dips are considered buyable into 4238-4250 target. If below 4214, be aware of more consolidation needed first (basing)
  • Zoom out into a daily timeframe, the must hold support is 4190. Otherwise, 4178 and 4165 (last week’s low) become at risk again
  • Bonus note shared from last week’s freebie: NQ is set to outperform vs ES, RTY indices as it makes its way into 14k+ target. Watch closely if this expectation holds true as leadership rotation takes place

Additional context from past months remain mostly unchanged (copied and pasted):

  • The shit hits the fan (SHTF) level has moved up to 3965 from 3650, a daily closing print below 3965 is needed in order to confirm a temp top setup/reversal for the daily+weekly timeframe. (the current April 2021 lows which was the breakout acceleration point of the past few weeks) 
  • A break below 3965 would be a strong indication of weakness given the multi-week trend of being above the daily 20EMA train tracks. For reference, the first week of April, the price ation has accelerated on top of the daily 8EMA to indicate that the bulls are in full control and continuously making higher lows and higher highs every couple sessions bottomed 
  • Different timeframes in this report so it may be overwhelming, make sure you know which timeframes you are participating and adjust gameplan + execution accordingly

 

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Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.