May 14 – ES Donefor or Just Taking A Breath? – ESDaily Gameplan

Price faded early strength, reclaim attempts failed, and the structure cracked below key levels. But is this the start of something bigger — or just a reset before another squeeze?

Wednesday May 14, 2025

Yesterday (Tuesday, May 13) was one of those sessions where the best move was no move. We sat back and watched the structure unfold—still long from our 5655, 5666, and 5813 entries, now all locked with stops moved to breakeven or better.

While others forced action, we let the work we already did do the heavy lifting.

Here’s how it played out on the 5-minute chart:

Remember what I wrote about this ~2 week rally yesterday?

Here’s what I wrote in the May 13 Pre Market newsletter:

Some are calling this a blowoff.
Maybe. Maybe not.
We’re not here to predict blowoffs. We’re here to trade the structure.

We’ve longed this market many times in the past month, and we’ve caught several hundred points of this rally.

Now everyone else is waking up.

That makes me pause.

We did pause.

The May 13th RTH session kicked off at the highs, after a tight overnight Monday range between 5840-5870. At the bell we briefly paused at the 5885 Globex high, then we spiked.

Price rallied through all the globex resistance lines before it found 5906, the first true supply level we mapped out in May 13’s letter.

We didn’t chase it. Just observation.

After the initial burst we went range bound for 3 hours oscillating around the 5906 +/- 10 points. 1 1:15PM we staged an after bounce and the divergence was clear.

Here’s the resistances from May 13:

We hit a high of 5927, dipped, the retested it 2 hours later.

Then, we sold off.

In the last 20 minutes of trading we gave back 24 points.

We respected the discipline.
Sat on hands.
Let our existing longs breathe.

That brings us to today.

After negative divergence started playing out, where do we go from here. Below I’ll discuss the setups I’m looking for and key levels we can engage with.