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Will This Key Level Hold on the ES Daily Time Frame?

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Good Monday, Traders!

While markets have been falling, I’ve been looking ahead to see where the next big opportunities may arise.

And today, I just published my latest Weekly Idea via TradingView on the S&P 500 (ES) futures market.

For all of the details, click here!

The Trade Setup

The ES daily time frame is in a down channel, with the market just above the bottom of the channel.

There is a down Fibonacci with an extension price point at 4,070.50, currently about 241 ticks below the market, which equals the daily support.

Daily S&P 500 (ES) Futures Contract Price & Technical Analysis – Source: TradingView

It will be a good idea to let the market fall bearish towards the daily support price point 4,070.50 and see if…

  1. The market will either break above the short term down trend line and push bullish towards the top of the channel price point 4,493.75, about about 1,414 ticks above the market
  2. Or break below the bottom of the channel and show signs of pushing bearish towards the monthly support price point 3,004.50, about 4,510 ticks below the market.

To be clear, there is not enough evidence to make a decision for long or short, and more candlesticks are needed to make that decision.

We’ll do our best to keep you posted as this idea progresses…

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.

And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!

Keep on trading,

P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities. And in particular, learn how this is really working with digital currencies such as BTC!
To learn how to do this effectively using the strategies developed inside my War Room, click here!

The post Will This Key Level Hold on the ES Daily Time Frame? appeared first on Josh Daily Direction.

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