Highlights of Skinny On The Mini INTO Tue Jun 6, 2023

by Hima Reddy

Here’s your Skinny On The Mini ® into Tuesday.

E-mini S&P 500 futures, Jun 2023 (TradeStation: ESM23) / Mon Jun 5, 2023 / 10:13 PM Eastern Time / 60 MINUTE CHART

PRIOR COMMENTARY

On Mon Jun 5 at 9:12 AM ET (gray vertical line) I wrote:

During the overnight, futures have been consolidating.

Likely scenario: Given the Advanced Forecast for futures to trade higher into Tue Jun 6th, I suspect futures will resume higher above 4297.75.

Alternate scenario: If instead futures trade lower beneath 4277.75, I’d watch out for choppy weakness toward 4249.00.

RECAP

Futures did trade higher above Fri’s 4297.75 high. This aligned with a Bearish Divergence in the Bull Resistance Power Zone. Futures weakened accordingly, breaching 4277.75 intraday support.

OUTLOOK

Futures reached the Advanced Forecast target prices (see yellow highlights) into the Forecast Cloud window. The latest short-term weakness followed accordingly.

Likely scenario: With RSI on the 60-min chart back at the Bull Support Power Zone, futures are poised to resume higher in the short-term.

However notice I’ve added a new Advanced Forecast (Cushion), that calls for weakening into June 7, therefore…

Alternate scenario: If futures instead weaken before retesting 4305.75, I’d watch out for losses back towards 4235.00 (near Cushion price aspects).

ES JUNE 2023 CONTRACT | KEY PRICE LEVELS

4361.25 – Aug 18 ‘22 high

4321.00 – Aug 19 ‘22 high

4305.75 – Mon Jun 5 high

Resistance Above

Current price: 4282.75

Support Below

4249.00 – intraday higher low

4235.00 – intraday higher low