ES – Testing Major Resistance? Nov. 20 Trade PlanE-mini S&P 500 FuturesCME_MINI:ES1!BullBearInsights1-Hour Outlook (Main Bias) ES just broke out of a multi-day downtrend and is now pushing directly into the key 6745–6760 resistance shelf — the same zone that rejected twice earlier in the week. 1H Structure * Clean breakout above the descending trendline. * A confirmed BOS shifted the 1-hour structure bullish. * Price is now consolidating right under the 6760 zone. * Momentum is strong, but candles are slowing near resistance. * MACD on 1H is bullish and rising. * Stochastic is elevated and starting to flatten, but not rolling over yet. 1H Key Levels Breakout trigger: above 6760–6770 Upside targets: * 6801 (GEX resistance + prior supply) * 6820 (2nd call wall / gamma magnet) Support zone: 6680–6700 Bears take control only below: 6625 1H Trading Idea Bullish scenario: If ES holds 6700–6710 and reclaims 6745 with strength, a breakout through 6760 is very possible, opening a move toward 6800–6820. Bearish scenario: Only valid if ES rejects 6760 with a strong reversal candle. Downside magnets sit at: 6705 → 6680 → 6625 15-Minute Outlook (Execution Timeframe) The 15M chart shows a strong impulsive rally followed by sideways absorption under resistance — not distribution yet. 15M Structure * CHoCH → BOS → continuation move. * Price retested the FVG zone and bounced cleanly. * EMAs on 15M remain stacked bullish. * Consolidation range is tight, signaling compression before expansion. 15M Trading Setups Bullish entry: 6730–6740 ideal retrace zone. Look for bullish engulfing or long-wick rejection. Targets: 6760 → 6800 Stop: below 6715 Breakout entry: If ES breaks 6760 cleanly with volume: Stop: below last 15M swing low Targets: 6801 → 6820 Bearish scalp: Only if ES rejects 6760 multiple times. First target: 6705 Second target: 6680 GEX Confirmation Based on your GEX chart: Bullish Signals * Highest positive NETGEX sits near 6801, a natural gamma magnet. * Significant call walls at 6760, 6800, 6820 — supporting upward drift. * Positive GEX zones (GEX8/9) favor upside continuation. * Minimal put defense above current price. Bearish GEX Levels * Strong PUT walls at 6680–6625, acting as downside magnets only if price breaks under support. Interpretation GEX favors a slow grind upward. A clean break above 6760 likely accelerates hedging flows toward 6800–6820. Options Trading Plan (GEX-Based) Bullish Plan If ES breaks above 6760 with momentum: Contracts to consider: * ES 6750C * ES 6800C Targets: 6801 → 6820 Reason: Crossing 6760 forces dealers to hedge upward, creating a gamma push. Bearish Plan Only if ES rejects 6760: Contracts: * ES 6700P * ES 6650P Targets: 6705 → 6680 → 6625 Reason: Below 6700, GEX turns neutral and the path opens toward put-heavy zones. Final Bias for Nov. 20 ES has a bullish market structure and sits right under resistance. A breakout through 6760 opens the door toward 6800–6820. Bearish scenarios only gain momentum if price falls back below 6700 and especially under 6680. Disclaimer This analysis is for educational purposes only and not financial advice. Always do independent research and manage risk properly.