1) Context: price broke off from prior sequential lows and accelerated below the multi pivot line. A re-test of the pivot line could be a good opportunity to join the downtrend.
ES context May 18
2) Structure: price failed the first attempt to break below the overnight range and it now auctioning higher into the upper line. Here are my expectations for today:
ES structure May 18 (click to enlarge)
Scenarios for today: Given the price action yesterday the market is favoring short positions. I will look for a retest of the upper action line for a continuation lower or potentially a re-test of the multi-pivot line
Today’s scheduled events: None
Note today is Options Expiration day.
