The ES traded in just a 7 1/2 point tight, balanced trading range on Tuesday. Balance trading rules could apply on Wednesday, depending on where price opens:
– Look above Monday’s poor high at 2399.50 and accelerate/find acceptance to potential new all time highs
– Look above Monday’s poor high at 2399.50, repair the poor high and fail, returning back into Tuesday’s range and targeting the opposite end and potentially lower prices
– Look below Monday’s mechanical low at 2392.00 and accelerate/find acceptance, attempt to repair Monday’s poor low at 2385.00 and potentially lower prices
– Look below Monday’s mechanical low at 2392.00 and fail, returning back into Tuesday’s range and targeting the poor high from Monday and possibly higher prices, including an attempt at another new record high.
– Remain balanced. Probably the lowest of odds because of the small range.
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