The S&P 500 (ES) futures market is off to a strong start for the week, trading higher by 3.5% in just a matter of days.
However, there are now multiple levels of resistance looming overhead.
The general trend of the market is still bearish, and the monthly time frame remains in a short term down trend.
Therefore, we are now seeking out selling ideas on the lower level time frames…
Finding an Entry
Here’s how the daily chart is shaping up for the ES market…
The ES one hour time frame is in a bearish trend. The market has a down Fibonacci extension price point 3,444.75, about -1,199 ticks below the market.
Entry: Counter trend line break bearish below the down trend line.
Once or if the market provides the one hour entry, and as long as the market stays below the down trend line, it will be a good idea to turn to the five minute time frame and look for Tunnel Trader short / Destination Trader short / Chandelier Trader short ideas towards the one hour price target.
The Bottom Line
With inflation on a fast-track, you need to know how to amplify your gains.
If you want more detail on how I’m following this market in my War Room, check out the link in the P.S. below…
And for more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
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Keep on trading,
P.S. Countless everyday Americans are earning anywhere from an extra few hundred bucks a week…