The S&P 500 (ES) futures market is off to a strong start for the week, trading higher by 3.5% in just a matter of days.
However, there are now multiple levels of resistance looming overhead.
The general trend of the market is still bearish, and the monthly time frame remains in a short term down trend.
Therefore, we are now seeking out selling ideas on the lower level time frames…
Finding an Entry
Here’s how the daily chart is shaping up for the ES market…
The ES one hour time frame is in a bearish trend. The market has a down Fibonacci extension price point 3,444.75, about -1,199 ticks below the market.
Entry: Counter trend line break bearish below the down trend line.
Stop: 3,826.75
Limit: 3,444.75
Once or if the market provides the one hour entry, and as long as the market stays below the down trend line, it will be a good idea to turn to the five minute time frame and look for Tunnel Trader short / Destination Trader short / Chandelier Trader short ideas towards the one hour price target.
The Bottom Line
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Keep on trading,
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