E-Mini S&P 500 Futures Detailed Review for Monday March 15, 2021

Today’s E-Mini S&P 500 futures (CME: ES, MES) detailed review.

Charts

Notes

The first long at initial key support was easy, but then buyers were unable to push up above the day's midpoint area and from there we eventually saw liquidation into the zone, which had me exit my long for a loss and also this selling had me holding off from executing another long until I saw selling dry up. Sellers pushed through the zone and as I was going to short the zone on a flip for a push down to good support, there was a very, very aggressive buying surge and I was waiting for higher prices to go short at. As the market pushed up to the day's IBL, there was very little selling present and the idea switched to rejection below initial key support and that the market had only poked below the zone. I was then looking for a long on a push above the IBL and a pull-back. That was the long I executed for a push up to initial key resistance. I was not interested in shorting initial key resistance as all-time high zones rarely hold as I stated in the breakdowns. Overall, it was not an easy day to trade given the fake out at initial key support, but that's one of the games often played in the ES at key zones.