E-Mini S&P 500 Futures Detailed Review for Tuesday March 16, 2021

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

Charts

Notes

Today was not an easy day. As mentioned in the pre-market breakdown, I was not looking for a long on a flip of initial key resistance due to the perceived risk (market is quite extended up after yday's end of day rally and overnight balance at the highs). Not only that, but also the TICK was not showing any sustained momentum, so upside was likely limited. I got short on a flip of initial key resistance and that was working out until there was a sudden surge of volatility and I got stopped out for a full -1R loss. It happens in the ES. I was then sitting on the sidelines as I posted on Twitter around 1:16 PM ET. I then saw selling come in and a break below the midpoint area and inside the zone and I entered a short thinking that the surge was just temporary and not real, strong buying. I exited out at the bottom of initial key support due to the strength of the selling I was seeing. I could have exited at the top of the zone, but the amount and pace of selling justified a potential test of the back of the zone. Once price started to push below the zone, selling was lightening up and buying was coming in and due to the r:r, that was good enough for me to enter the long. Buyers took price up to initial key resistance and I exited.