The S&P 500 futures (ticker: ES_F) experienced a period of consolidation and volatile price action ahead of the Jackson Hole Economic Symposium, with key technical levels closely monitored by traders. Initial support was identified around the 6360-6370 range, with resistance levels at 6394, 6402, 6410, and higher targets at 6420, 6434, 6455, and 6461. Throughout August 21 and 22, the futures repeatedly tested these resistance points, with multiple targets hit exactly, including 6402, 6410, 6407-10, 6416, 6434, 6452, and 6461. The market displayed a pattern of "Failed Breakdowns," where prices briefly dipped below support levels (notably the 6375 morning low) before recovering, signaling institutional buying activity. Following the breakout above 6461, the futures backtested this level and continued to flag higher with bonus targets extending to 6474, 6486, 6494, 6507, and beyond. Traders were advised to protect gains and avoid overtrading during the pre-Jackson Hole noise, as the market appeared to be building structure for a significant move coinciding with the symposium. Overall, the technical setup suggested a bullish bias with institutional accumulation evident in the failed breakdowns and subsequent price advances.
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After Fridays squeeze, yesterday was cool off day. 6461 support as posted at 7am, it held exact & set low of day. I posted sell<6461 & #ES_F then lost it late day & sold to 6430 Plan today: 6452 must recover to see 6461 (big res), 6466, 6474+. 6443=support, fail sees 6429, 6407 https://t.co/JWKLc24JC0