$ES #Month Opening Range
Yesterday we got the Month Opening Range completed:
The idea behind that indicator is that once price breaks over the Monthly Resistance, the top of the range created during three first trading days of a month, price kicks into an up trending move.
Let’s look at how price interacted with the Month Opening Range of May 2025:
you can see that ES could not break out of the range established during the first three trading days until May 12. But when it managed to jump over the red monthly resistance it started a strong trending move up.
Let’s add the Monthly Resistance and Monthly Support to our chart of ES-mini:
ES-mini 120 min chart
if price manages to break over the Montly Resistance, the top of the range created during first three trading days, it normally runs higher until mid month. This is when a trending move often gets exhausted and bears manage to push price back down to the broken monthly resistance that in that case works as a strong support during the second part of a month.
Break over the Monthly Resistance 5,999 would trigger the bullish wave count that allows bulls to push ES up to 6,200 in a subwave -a- of wave -iii- up.
Alternatively, failure of bulls to produce a breakout will inevitably be followed by a slide down towards the Monthly Support 5,867.5.
posted at 2-17 PM EST
ES-mini 120 min chart
Today bulls attempted to break over the Monthly Resistance 5,999 but failed twice.
That double failure of bulls should attract aggressive short selling.
ES looks ready to plunge down to 5,900 (with potential extension down to the Monthly Support 5,867.50).