Does The New High Have Legs?– June 9 ESDaily Gameplan

Which way do we go?

Housekeeping

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Monday June 9, 2025

Last week showed us the importance of taking profits. The whipsaws, head-fakes, shakeouts and failed breakdowns were impressive.

A week of range bound volatility is an environment that can shew you up if you don’t stick to rules.

Friday we took an 8 point loss on the first short after the news, but then did just fine on the second attempt - Locking in 16 points.

We’re right back to where we started, but we’re losing momentum on the 5 min at the 6015 range top.

To start the day:

6025 and 6043 are key areas I’m lookin at above
5985 and 5963 are key areas I’m looking at below

Looking at the big picture and following news, talking about CPI the Fed etc… it’s fun, but it provides little value in the way of finding opportunities. To do that, we have to sift through the noise and focus on the trades that got us here. Focus on the price behavior we require at expected levels — Focus on the core strategy.

We do not want the news and big picture thesis to cloud our vision of what matters.

ES back above 6000 is a major feat and one the talking heads will continue to talk about. We’ll hear about breakout patterns, “key drivers like p/e forecasts” if the rally continues. But all this can be found on a chart.

A failed breakdown is the best opportunity to buy with large institutions big. The first create liquidity and trap buyers who don’t understand this, take out critical lows, find demand, reclaim the area, then the buying starts.

There’s always a “reason” the news will surely tell us.

Let’s find today’s opportunities to buy like a pro.