Tuesday 3.07.23 Review : Tuesday Globex went sideways all night building up supply under resistance until it finally broke before RTH giving us a break under 4030-25 and acceptance into 4025-3976 range and a move into Potential Daily Support for the Day. We did hold 3994-90 level yesterday but we did a full break of this Daily 4012-3890 area which told us buyers here are not that strong and we now have more Supply above us from this move up.
Wednesday 3.08.23 Prep : Globex again went sideways all night in a tighter range and it also went sideways building up Supply around the lower apart of our Potential Daily Support from yesterday making it our potential Resistance going forward? Depending what we do today but this could have been a retest and fail of Previous Daily Support 4012-3890 and we know short covering front ran our Daily target of 3915-3890 last week, will we get continuation towards it today? Will we hold around this Daily balance or will Powell and 10am Data come in and bring in some buyers? So far things are pointing to continuation lower, we are Under T2 range we are right at Previous Days Low which will be area to watch with 3976-71. If we can get under Previous Days range and accept under 3976-71 we can see a move towards our next Daily Support at 3915-3890. If we do manage to hold we could stay in this 3970-4025 range trading inside it unless 10am data comes and brings in buyers to get us back over 4012-08 and 4030-25 so far we do have plenty of Supply above it seems.
Levels to Watch
Resistance : Key Daily 4012-3890 Key Intraday 4012-08 // 4030-25 Key For Continuation Higher 4046-42
Support : Next Daily 3915-3890 Key Intraday 3976-71 Key For Continuation Lower 3957-53
*** We Have Data at 815 and 10am Need to be cautious around those times as moves could be violent and it could go either way fast or wont pick direction until after
Wednesday 3.08.23 Prep : Globex again went sideways all night in a tighter range and it also went sideways building up Supply around the lower apart of our Potential Daily Support from yesterday making it our potential Resistance going forward? Depending what we do today but this could have been a retest and fail of Previous Daily Support 4012-3890 and we know short covering front ran our Daily target of 3915-3890 last week, will we get continuation towards it today? Will we hold around this Daily balance or will Powell and 10am Data come in and bring in some buyers? So far things are pointing to continuation lower, we are Under T2 range we are right at Previous Days Low which will be area to watch with 3976-71. If we can get under Previous Days range and accept under 3976-71 we can see a move towards our next Daily Support at 3915-3890. If we do manage to hold we could stay in this 3970-4025 range trading inside it unless 10am data comes and brings in buyers to get us back over 4012-08 and 4030-25 so far we do have plenty of Supply above it seems.
Levels to Watch
Resistance : Key Daily 4012-3890 Key Intraday 4012-08 // 4030-25 Key For Continuation Higher 4046-42
Support : Next Daily 3915-3890 Key Intraday 3976-71 Key For Continuation Lower 3957-53
*** We Have Data at 815 and 10am Need to be cautious around those times as moves could be violent and it could go either way fast or wont pick direction until after
Comment:
Failure inside 4015-3990 area could bring us our move lower we are looking for. Watch for continuation here towards 3957-44 and possibly under towards next Daily Support
Comment:
Key Support here, cant break all done for the day. My trades are closed for the way, wanted a quicker move through this area but not happening