The ES Continues to Hang In There

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Our View

The ES sells off and then the ES rallies, but most points are all in the back-and-fill that's been going on for the last three weeks. 

Yes we had a drop down to 5205, but since then it's been all about the intraday drops and pops. Coming into yesterday’s session, I was long 2 ES and 1 NQ and when the markets dropped on Globex, I changed the “Our Lean” section. I know that when I do this it's generally a mistake and yesterday's clearly was:

Our Lean for 6/4/24 before I changed it...

I can't rule out another pull back, but I think we will see higher prices today. Our lean is to buy the pull backs with resistance at 5320 and if the ES can get above there, then look for 5335. On the downside, we would look to buy any 25 to 35 point pullbacks or the 5265-70 area. 

Down 25 points was the 5275 area and down 30 was basically the low of the day. I had a big profit on both positions and instead of following what I wrote, I got concerned about getting out if they kept going down and it threw me off. I did keep the ES position though.