ES - Inventory Analysis & Trade Plan - 13 August 2024Hello and i hope everyone is doing well. In today's video i want to cover how the inventory developed yesterday and what are the auction paths that i am watching to trade ES today.
Current levels to observe the reaction of price: 5356 & 5383
Current Inventory is developing above PDC and have an excess - so the inventory is long but developing in PDR, so looking for more chop
Rejection seen at 5367.25 and supply shutting off at that price point
The structure of ON auction is balanced profile and looking for more rotational development today
Break of PDH or PDC are important references and i will be observing for continuation, lack of continuation will lead to reversal towards the VPOC
Also from the volume footprint - seeing supply above 5400 and supply shutting off below 5367
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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