I waited all of last week for the bearish price action to confirm and it finally did on Friday as the ES (M13 June Contract) made a new low at 1626.25, one tick above the key support level mentioned in my last post.
Price action remains bearish this week as we have seen lower lows. I expect further downside and continue to prefer selling rallies.
Will continue to hold my short position.
Levels to Watch on the ES (M June Contract):
Resistance above at: 1633-1634, 1647-1649, 1667-1669
Support below at: Just watching the 1607-1612 price range for now.
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