2.21.23 Review: Tuesday Globex made a move under Previous Day Low and our 4061-56 Support. RTH Opened, filled the gap and got continuation lower into our next Daily Support at 4012-08. The way we opened/drove made me think there is a chance to break Daily Support but market held after the break and that tells us that selling is still mechanical and that its just supply coming out no outside selling.
2.22.23 Prep: We are currently sitting on top of our Daily Support of 4012-3990, Globex made a move under 4012-08 took the stops but didn't have supply to tag 3994-89. Tricky day today with the Fed Minutes but we have some good references to watch. We are inside Previous Day Range and over our Daily Support and these will be key areas today, we are still under T2 range which means we should see more sellers at some point but we need to watch which areas they step in, if we don't have outside supply right now then then price could still head higher before finding sellers if sellers come in at all unless more volume comes in at RTH and they take it lower right away. We are at Support area and we have to treat it as such until broken. Right now 4012-08 // 4094-89 are our key areas for continuation lower and 4030-25 is what we will be watching to make a move higher. Our bigger supply areas for the day are over 4046-4061 and 4084-77 possible areas to watch where more sellers can step in if we get there. If Daily Support gets broken we will watch for possible targets down to 3976-71 // 3957-53 a potential area to find support.
Levels to Watch:
Resistance - Key Daily 4103-4084 Key Intraday 4084-77 // 4061-56 Intraday 4046-42 // 4030-25
Support - Key Daily 4012-3990 Key Intraday 3994-89 // 3976-71 // 3957-53 Intraday 4012-08 ?
*** Caution as Minutes can bring big swings today at 2.
2.22.23 Prep: We are currently sitting on top of our Daily Support of 4012-3990, Globex made a move under 4012-08 took the stops but didn't have supply to tag 3994-89. Tricky day today with the Fed Minutes but we have some good references to watch. We are inside Previous Day Range and over our Daily Support and these will be key areas today, we are still under T2 range which means we should see more sellers at some point but we need to watch which areas they step in, if we don't have outside supply right now then then price could still head higher before finding sellers if sellers come in at all unless more volume comes in at RTH and they take it lower right away. We are at Support area and we have to treat it as such until broken. Right now 4012-08 // 4094-89 are our key areas for continuation lower and 4030-25 is what we will be watching to make a move higher. Our bigger supply areas for the day are over 4046-4061 and 4084-77 possible areas to watch where more sellers can step in if we get there. If Daily Support gets broken we will watch for possible targets down to 3976-71 // 3957-53 a potential area to find support.
Levels to Watch:
Resistance - Key Daily 4103-4084 Key Intraday 4084-77 // 4061-56 Intraday 4046-42 // 4030-25
Support - Key Daily 4012-3990 Key Intraday 3994-89 // 3976-71 // 3957-53 Intraday 4012-08 ?
*** Caution as Minutes can bring big swings today at 2.
Comment:
RTH failed to push towards 4030-25 and now we are breaking Daily Support. Depending how things look going forward and into 2pm but if we dont find good support or big bid we can see a big move lower. We watch our lower supports for continuation and reversals but if 3976-71 and we take out 3957-53 we have room to 3930-27 // 3900. For the upside we would need to get back over 4012 and over 4030-25