While the monthly chart is still one timeframing higher and the larger time frame trend is up, the daily and weekly charts are balancing. The ES is currently trading within a four day balance with three poor highs (no excess) above Wednesday’s range and a poor low just below it.
Wednesday’s close at 2447.75 and point of control at 2428.50 could provide early support or resistance on Thursday, depending on where price opens: acceptance above the level and near center of the balance could target the high of the four day range and poor high at 2436.50, and potentially repair the next poor high at 2440.50.
Trading with acceptance below Wednesday’s close/POC could retest the four day balance and poor low at 2418.50.
If price trades at either extreme edge of the four day balance on Thursday, potential scenarios could include a breakout either higher or lower from the range and accelerate/find acceptance with value developing directionally, or break out higher/lower and fail, returning back into the four day range and potentially targeting the opposite end. Another scenario would see price remaining in balance ahead of Friday’s monthly jobs report.
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