$ES #trading strategy #Month Opening Range
This is a great example of how mighty the Month Opening Range strategy is.
Price broke out of the range, then came back down to re-test the Monthly Resistance from above and then rallied hard.
In cases like that, a rally normally goes out of steam by mid month.
Note the Nov’22 case when bears tried to break under the Monthly Resistance in the second part of the month but failed numerous times. In November 2022 we got two bounces off the resistance in the second half of the month:
That Jan’23 Monthly Resistance at 3,907 should work as a support for ES-mini now.
However, a stronger index, Nasdaq has not reached its support:
The best opportunity to buy a pullback can be found when a stronger index is the last one to hit its support: