ES1!
Impressive recovery of the SnP after the down move. This means the uptrend is still intact at the moment.
However caution needs to be exercised.
Weekly: High volume ultra wide spread up bar. Weakness appears on UP bars, tighten your stops if long.
Daily: Market moved up on reducing volume, narrowing of spread = weakenss. The highest selling volume
since the uptrend has appeared. Tighten stops on your long positions.
Daily: Broke previous high but closed in middle of bar, supply was present = weakness.
H4: Market went up on diminishing volume = weakness. Testing the previous rotation (grey box)
Entry will be based on price reaction at these levels.
Long (Test and Accept) | Short (Test and Reject)
4550
4530
4481
4455
4415
4378
4346
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Have a profitable trading week ahead.
