Friday 2.10.23 Review: Friday we marked off this 4100-4075 area as our potential balance we needed to get out of for any continuation because we had our cost basis Support around this 4084-77 area. Globex did break the consolidation and flushed us down to next level down which we failed to break RTH pushed us back over 4084-77 Trapping morning shorts for daily Support. Was a hard day because after Thursday everyone expected either continuation or reversal back to 4120 and higher but we were under T2 high and had supply over 4100 - 4120 and strong enough support to hold us since it was big Daily area between 4123-4084 which gave us that smaller range to trade between 4103-4099 Resistance and 4084-77 Support which gave good moves when tested with a stop run over 4103 towards the close.
Monday 2.13.23 Prep: Friday we stayed inside this 4137-4084 range, inside our Daily Support and we have been going sideways in Globex. We have been trapping longs building supply over 4140 since the start of the month but are we ready go come down yet or will we stay in this area longer? For now we can't say that the highs for this month are in yet but its very possibly, also very possible to stay within this months range and trade in this balance until we build enough inventory to get under and head for further away lower targets. For now have to trade within this distribution range and watch for when we are ready to move out. Currently we are at the same spot we were Thursday in the same balance box waiting for our move. Possibilities are endless today as we are in a funky area, Our main supply is over 4143-37 and 4123-19 which holding under means continued weakness for us but at the same time we are inside T2 range and inside or over Previous Day Range. If we get over Previous Day High and this 4100 Resistance this could give us support going into RTH to reach 4123-19 and maybe look above but we have to see how we act there if we can reach higher or run out of buyers because if we do then possible to turn around and get back inside the balance under 4100 and go for its low and if we break it we have Potential Targets at 4061-56 and under where we should find more short covering for support unless we are going down on big volume.
Levels to Watch:
Resistance: Key Daily 4220-4215 Key Intraday 4143-37 // 4123-19 Intraday 4103-4099
Support: Key Daily 4012-3988 Key Intraday 4084-77 // 4030-25 Intraday 4161-56 // 4146-42
Monday 2.13.23 Prep: Friday we stayed inside this 4137-4084 range, inside our Daily Support and we have been going sideways in Globex. We have been trapping longs building supply over 4140 since the start of the month but are we ready go come down yet or will we stay in this area longer? For now we can't say that the highs for this month are in yet but its very possibly, also very possible to stay within this months range and trade in this balance until we build enough inventory to get under and head for further away lower targets. For now have to trade within this distribution range and watch for when we are ready to move out. Currently we are at the same spot we were Thursday in the same balance box waiting for our move. Possibilities are endless today as we are in a funky area, Our main supply is over 4143-37 and 4123-19 which holding under means continued weakness for us but at the same time we are inside T2 range and inside or over Previous Day Range. If we get over Previous Day High and this 4100 Resistance this could give us support going into RTH to reach 4123-19 and maybe look above but we have to see how we act there if we can reach higher or run out of buyers because if we do then possible to turn around and get back inside the balance under 4100 and go for its low and if we break it we have Potential Targets at 4061-56 and under where we should find more short covering for support unless we are going down on big volume.
Levels to Watch:
Resistance: Key Daily 4220-4215 Key Intraday 4143-37 // 4123-19 Intraday 4103-4099
Support: Key Daily 4012-3988 Key Intraday 4084-77 // 4030-25 Intraday 4161-56 // 4146-42
Comment:
Globex gave us a stop run over 4103, watch if we fail here in RTH and if we can taek out 4084-77 then we can see continuation lower today. If that happens we are looking at lower targets down to 4046-42 and if that and 4030-25 breaks we could see continuation lower and don't forget our next daily Support area just in case
Comment:
4103-99 Held and got our push higher into supply area above 4123, watch if we can hold it and keep going, if we we can then 4143-37 is next spot to watch for continuation
Comment:
Failure at 4143-37 Could bring back lower targets in play down to 4084-77 and if that happens watch for continuation in afternoon
Comment:
We get over 43-37 this thing may grind towards next resistance if we have no supply we will keep going higher destination 4191-85 can we get there today or not but seems like we are not done with that and 4220 area going into this week
Comment:
Another failure to get over4143-37, watch if we can get going lower back towards 23-19 or not and if we can break it
Comment:
We aren't getting strong sell from here, possible to see pull back towards 23-19 but if we cant reach or break it then there is a chance to see a push over 43-37 again at some point towards 68-62