Review for Monday 2.06.23: Sunday Globex opened up and held under our Key Support of 4143-37 giving us a break into our Daily Support area under 4123-19 but found short covering front running 4103-4099 area, we took 3 attempts at it and all failed to reach which was telling us no lower continuation yet. We stayed in a tighter range as we thought we might in this area since now we have Supply over 4143-37 and buyers are still under our 4123 - 4100 -4084 areas. After big moves we need to do some cleaning, this was a good range to do it at. Question is can we stay in this range and attempt another move higher or they will slowly be marking this down and trapping buyers on their way.
Prep for Tuesday 2.07.23: Last night Globex Opened over our 4123-19 Support and since then been trading between that and Resistance. We have now accepted in this range under 4143-37 and unless we get back over it and hold there is a chance to visit lower areas. We are Under T2 range Today which signals weakness but for now inside Previous day range, we are looking to see if we will be able to hold within this range and just trade that or will we make a move out. We have our Key Resistance of continuation higher at 4143-37 as first step and 4168-62 as confirm for continuation but we now have Supply over that area so we will need to create some buying as shorts are slowing down unless we trap more here this week for another push. It could be a tricky day holding the range with a possible break lower later in the day once shorts see supply and longs are trapped so watch out for it being slow most of the day until later unless we get big volume at open and take our resistance. Getting under 4123-19 will be the first step which should have enough supply once it does to test 4103-4099 area where we see if we break it or not. Potential Targets today are 4103-4099 and 4084-77 those two will need to break to get anymore downside.
Levels to Watch:
Resistance: Key Daily 4214-4191 Key Intraday 4168-62 // 4143-37
Support: Key Daily 4100-4077 Key Intraday 4084-77 Current 4123-19 // 4103-4099
*** This Slow action and quick Reversals cleans out a lot of traders, its a clean up after a part from few weeks of run up and we are at an area where size will need to show us when we are ready to move. Expect Smaller trades unless we are breaking through levels and showing continuation.
Prep for Tuesday 2.07.23: Last night Globex Opened over our 4123-19 Support and since then been trading between that and Resistance. We have now accepted in this range under 4143-37 and unless we get back over it and hold there is a chance to visit lower areas. We are Under T2 range Today which signals weakness but for now inside Previous day range, we are looking to see if we will be able to hold within this range and just trade that or will we make a move out. We have our Key Resistance of continuation higher at 4143-37 as first step and 4168-62 as confirm for continuation but we now have Supply over that area so we will need to create some buying as shorts are slowing down unless we trap more here this week for another push. It could be a tricky day holding the range with a possible break lower later in the day once shorts see supply and longs are trapped so watch out for it being slow most of the day until later unless we get big volume at open and take our resistance. Getting under 4123-19 will be the first step which should have enough supply once it does to test 4103-4099 area where we see if we break it or not. Potential Targets today are 4103-4099 and 4084-77 those two will need to break to get anymore downside.
Levels to Watch:
Resistance: Key Daily 4214-4191 Key Intraday 4168-62 // 4143-37
Support: Key Daily 4100-4077 Key Intraday 4084-77 Current 4123-19 // 4103-4099
*** This Slow action and quick Reversals cleans out a lot of traders, its a clean up after a part from few weeks of run up and we are at an area where size will need to show us when we are ready to move. Expect Smaller trades unless we are breaking through levels and showing continuation.
Comment:
If we cant get back over 4123-19 look for us to test 4084-77 and possibly get under it at some point today levels to watch 4123-19 as Resistance 4103-99 Support and 4084-77 Key Support under it we can see 4040-30 area
Comment:
Still lots of buying today which tells us possible to stay in balance for another day, Right now we have 4123-19 as our resistance and 4103-4099 support and we want to trade between that from the edges until broken, if broken watch 90 area if price cant get under that and under 4084-77 then we wont see much continuation today. They are back filling the move from last week without breaking structure to cause sell off which tells us we might be getting ready for another push out of 4143-37 at some point maybe next week
Comment:
Back over 4123-19 Target 4143-37 and if we get over that 68-62
Comment:
Key area to watch 4143-37 and 4123-19 now if we cant get to or over 43-37 we can come back towards 23-19 and if we get under it again we should see our 4103-99 target
Comment:
If this gets going over 68-62 watch for us to tag 4215
Comment:
68-62 Is now our Resistance and 43-37 Potential Support, we still have supply above 70 - 90 if don't have enough buying will stay under it
Comment:
If we accept back under 4143-37, don't forget about 4103
Comment:
We break 4103-99 watch out for continuation and reaction at 4084-77 and 4061-56
Comment:
Holding under 4100 maybe bring more supply and Margin calls watch out if we dont get back over
Comment:
If that was it and we don't get any continuation today then watch for this to be our range going foward and possible move back to 4123-19 and over it