E-Mini S&P 500 Futures Detailed Review for Thursday March 18, 2021

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

Charts

Notes

I passed on the short at the 3945s due to the buying present at the open. As expected, the the market chopped the 3945s zone and filled the low volume area. On first test of initial key resistance, aggressive buyers were present and then shut off right above the zone. I shorted once price got below the 24-hr midpoint in he zone (confluence). Target was the day's VPOC and possibly lower. I shorted again at initial key resistance as the upside momentum in the TICK and buying in the ES were weak on the second test. Target was the day's VPOC and lower (ideally initial key support). That trade worked out nicely. The strong selling into initial key support was clear sign not to fade. I waited for a pull-back as the move below the zone was volatile with liquidation and some aggressive buyers entering. Buyers took price to the top of the zone, struggled, and I entered short for a test of the 3900s good support zone. Trading the ES is rarely straightforward.