Don't forget to review the daily chart for the big picture. I am long biased on the overall daily chart.
Take a moment to review our previous set of scalping levels, see how they came into play on Friday and how we're respecting those levels today
resistance levels
We called the resistance area that was ultimately respected on Friday as well. Today, I'm less optimistic of upside. I think bulls will have a hard time pushing though the 1870 - 1878 area, I'm watching $1875 specifically for rejection. Even if we can break past those levels, we still have the levels mentioned on Friday in the 1881-1884 area to break through. Just remember those levels regardless of whether you play long or short. They are decision areas.
support levels
For those looking to close shorts or BTFD, I'm watching the shaded box in the 1840-1850 range for a bounce, we have decent volume traded at price and I think it likely to see some reaction in this area. I'm watching $1846 area specifically. If the market decides to turn south on us, and we crack through that $1840 level, I have 1831.05 as strong support.
Take a moment to review our previous set of scalping levels, see how they came into play on Friday and how we're respecting those levels today
resistance levels
We called the resistance area that was ultimately respected on Friday as well. Today, I'm less optimistic of upside. I think bulls will have a hard time pushing though the 1870 - 1878 area, I'm watching $1875 specifically for rejection. Even if we can break past those levels, we still have the levels mentioned on Friday in the 1881-1884 area to break through. Just remember those levels regardless of whether you play long or short. They are decision areas.
support levels
For those looking to close shorts or BTFD, I'm watching the shaded box in the 1840-1850 range for a bounce, we have decent volume traded at price and I think it likely to see some reaction in this area. I'm watching $1846 area specifically. If the market decides to turn south on us, and we crack through that $1840 level, I have 1831.05 as strong support.
Comment:
Looks like I underestimated the BTFD mentality for today. Blew right through those volume clusters. But, our 1897-1900 area levels are holding as resistance for now.