TRADING S&P 07/17/2017 Daily insight, S&P futures, ES

This is my daily preparation for S&P futures (ES) trading and it is for your educational purpose only and definitely cannot be considered as financial advice. There is a substantial risk in derivative trading and it might not be suitable for you. Don't rely on past performance as it is not indicative of future results.

On Friday, we finally got directional in ES, after market broke 2447.5 at pre market and than new players joining to push through 2448.5-2450 area, where most resistance was observed on Friday.

Today we have a market opening at the same prices the market closed on Friday, meaning we have inside previous day opening, meaning that until high or low is broken the major trading areas formed on Friday will be relevant today as well. Meaning that at first we may try to test major resistance area and Friday's POC (point of control) 2448.5-2450 and then bounce from there towards 2459-2460, with most resistance around today's opening 2456. In case we will break this support area the next target will be 2447.5, which was the core target level during last week. In case we break 2458-2460 resistance an attempt to establish a new all time high with more resistance at Friday's high 2461.25 followed by 2465.
The target for today or upcoming days upwards is 2470 and 2447.5 downwards.

As we became directional I will prioritise buying lows and avoid selling highs.