$ES_F Plan For October 28

S&P 500 Futures
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Friday’s plan targeted the $5881-$5893 area for a lower high - still in anticipation of a D1 EMA50 contraction. A short squeeze push price higher, but rejected below break out resistance, keeping the proposed flag structure in play.

The weekly timeframe pulled back into EMA9, backtesting the break out at $5801. This level is key for the coming week, and because of the underlying trend (price is being delivered out of W1 EMA50) we should expect last week’s low to hold. If last week’s low is lost, it would confirm that the uptrend attempt is failing, but sellers would still have to push through W1 EMA21 to confirm a bearish reversal. Therefore, $5662 is weekly key support.