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The S&P 500 E-mini futures (ES_F) experienced significant volatility around the 5519 level, which was tested 14 times but held firm. The market saw a new all-time high (ATH) at 5585 during regular trading hours, though it did not surpass the overnight ATH of 5588. Traders observed a balance area between 5525 and 5555, with responsive two-sided activity expected for the week of July 1-5. The level 5519 has become a critical point, with bulls controlling above it and bears below. Despite 14 tests to break below 5519, it remained a strong support level, leading to a range-bound market between 5519 and 5539. The market is awaiting a catalyst to break this tight range, with potential upside targets at 5552, 5557, and 5560 if 5519 holds.
Slow action as we are in peak summer trading but 5519 defended again. 14 attempts to test/lose the level & 14 traps. 5519 had to reclaim to resume up to 5527, 5539+ as posted. En route. 5519-5539=pure chop, dont overtrade 5552, 5557-60 when #ES_F ready. If 19 fails, we try #15 https://t.co/D1HPrIpcTZ
The 5519 level survives again with 14 attempts to break down & 14 traps. Most impressive lvl in years. I posted 5519 must reclaim to resume up to 5527, 5539+. We hit 5527. Very messy chop here, lock in gains, hold runners, no overtrading 5519 must hold, 5560 when range breaks up https://t.co/RbVnitUXw5
Ultra messy action in #ES_F. 5519 remains only lvl that matters & we have tested and/or lost it an incredible 14 times. After a good 15 point flush, we are (no shock) back. Dont overtrade 19 must reclaim to resume up to 27, 39+. To see another hard flush now, today's low must go https://t.co/yYeVwRbdaS