/ES Outlook 3/7/23
Markets waiting for NFP data on Friday after the short covering rally from last Thursday’s lows. /ES bounced from 3926 to 4080+ i.e. 150 point bounce in 3 sessions and /ES hurled towards 4086 resistance (not yet tested though) before stepping back 25+ points into 4050s.
Comparing the 3 markets, /ES, /NQ and /RTY, Friday’s bounce from 200 Day MA for /ES and /NQ. The bounce caused the bias flip to bullish for /ES but not yet for /NQ and /RTY (depicted by red background color) as the indices remain undecided and likely to continue that way till NFP on Friday
Powell testifies on Tuesday 3/7 and Wednesday 3/8 potentially causing sharp moves in markets as it digests his every word. However, the bigger picture stays unchanged in between /ES 3920s and 4080s creating a wide 4% range. Potentially scalpers heaven as markets digest key events - NFP this Friday, CPI next Tuesday. To make matters worse, throw in /ES contract rollover as well :)
/ES Market Levels For 03/07 (March contract)
4140-4148 (major)
4125-4132
4101-4104 (major)
4082-4088 (monday’s high, bullish above)
Currently 4057s
4046-4051
4015-4026 (major)
3995-4001 (major)
3977-3984