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/ES SPY Analysis

/ES SPY Analysis

CME_MINI:ES1!


Market is currently wedging on a very high TF and I'd love to see a rejection off the 3rd zone from the bottom. Supply Zone + Resistance is a decent setup, if we have some kind of pattern form, even better. If we break above that zone, you can possibly scalp calls or long the future up to the next supply zone at the very top, or you can wait for a rejection off the top supply zone , which would cause a high TF breakout to fail, meaning lots of long traders trapped. Long trapped traders = traders stop out = selling = more move to the downside

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