Breakout mode remains engaged in ES: Quite incredibly, since the March 15th low 8 of the 9 last trading days saw higher highs, with only one red “inside day” on March 23rd. In my last update on Thursday, I made my plan for trading these conditions very simple, writing: “Now that we have pushed higher, price is in a no mans land. I am simply trailing a small remaining long position now to 4540 then 4560. Tomorrow, things are fairly simple, supports are 4495, 4470-60. If 4495 tests and hold, I would probably add to my long”.
On Friday, we did dip to that 4495, which held nicely for a run to 4540. ES is now near its first resistance zone since the breakout and if its going to get a dip, this is the area. Trading this will take some finesse - I’ll be discussing this today, as well as why its going to be important to be long biased into the 1st week of April in particular