Hey traders, it's looking pretty weak... Not gonna lie.
I would normally not make any sort of TA on a 15 min scale, but CME/CBOE volumes just started earlier this evening, so I am trying to take all the data in as much as I have to be able to look at.
So at this point I'm 70/30 that we even make it to 9200-9300 (in favor of NOT making it there) based on the weak showing of any good buying here. The breakout from 9050 only netted a pump to 9100, which is definitely an exhaustive sign. It means we can't even get enough buying here to make it to test 9200 as a resistance.
As you can see on the CME volume diagram, 9070 has been a really resistant, so we are getting lower highs and lower lows. I won't say that we won't try to retest 9070-9100, but I'm not liking the chances of breaking further up than that. And even if we do, we would still be seeing much heavier resistance at 9200-9300 than we are seeing here which is telling me it's time to short.
Even if we do make it to 9200, I think it will be short lived, but I can't even guarantee a trip up there at this point.
Looking at the fact that we also have a pretty nice CME gap between us and 8700, my bet is on us returning to somewhere around 8600-8700 to retest the support there. And frankly I'm NOT seeing us bouncing back up from there, but that remains to be seen what CME/CBOE volumes do there. If the buying looks weak there, we are looking at right around 8200 as stated in my earlier idea posted.
I would normally not make any sort of TA on a 15 min scale, but CME/CBOE volumes just started earlier this evening, so I am trying to take all the data in as much as I have to be able to look at.
So at this point I'm 70/30 that we even make it to 9200-9300 (in favor of NOT making it there) based on the weak showing of any good buying here. The breakout from 9050 only netted a pump to 9100, which is definitely an exhaustive sign. It means we can't even get enough buying here to make it to test 9200 as a resistance.
As you can see on the CME volume diagram, 9070 has been a really resistant, so we are getting lower highs and lower lows. I won't say that we won't try to retest 9070-9100, but I'm not liking the chances of breaking further up than that. And even if we do, we would still be seeing much heavier resistance at 9200-9300 than we are seeing here which is telling me it's time to short.
Even if we do make it to 9200, I think it will be short lived, but I can't even guarantee a trip up there at this point.
Looking at the fact that we also have a pretty nice CME gap between us and 8700, my bet is on us returning to somewhere around 8600-8700 to retest the support there. And frankly I'm NOT seeing us bouncing back up from there, but that remains to be seen what CME/CBOE volumes do there. If the buying looks weak there, we are looking at right around 8200 as stated in my earlier idea posted.