ES! vs ESM contract trends differ; Patience is paramount again for CME_MINI:ES1! by SemperTrader
The trends into today (On the ESM );
Last Macro Trend Signal Spots
30m – 3983 Downtrend (3/17/2023) Higher Low
1Hr – 3963 Downtrend (3/17/2023) Higher Low
2Hr – 3949 Downtrend (3/17/2023) Lower Low*
3Hr – 4047* Downtrend (3/7/2023) Lower Low
4Hr – 4047 Downtrend* (3/7/2023) Lower Low
6Hr – 4028 Downtrend (3/7/2023) Lower Low
12Hr – 4052 Downtrend (2/21/2023) Higher Low
Daily – 3955 Downtrend (3/9/2023) Higher Low
Weekly – 4366 Downtrend (2/14/2022) Higher Low
The * signifies the discrepancies between the ES! and ESM . We are in a Higher Low for the 2hr on the ES!, we just got a new lower low on the 3hr in the ES!, and we are currently in an uptrend on the 4hr on the ES!. Currently I’m still mostly following the ESM specifically, because the price doesn’t have the gap to throw off the math and analysis.
The Long Position;
If we get low towards 3900 and I don’t see a meltdown occurring, I’ll be looking for a nice Long position. While investors are dumping financial stocks, they are picking up in tech stocks.
The Short Position;
I’ll be looking for any indication that the general gloom of the market is taking over, and we are heading back down into 3800 territory, or a good spot to grab a short to head down towards low 3900s again to prepare for a Long Position swap.
There is no impactful data today. Legarde speaks twice today and once tomorrow, so I’d watch for how that impacts things. Wednesday is Fed Day, so I expect that is where most of the focus will be on.
I’m very neutral across the board at the moment. Maybe I’ll have a different feel as things go. These are those moments where patience is key. If you followed along, you’re aware I made close to $25,000 last week, so there is ZERO reason for me to rush into a position to try and make some money this week.
Safe trading, and remember your risk management.
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