Overview for 2.07.23: Globex held between Key Intraday Resistance and 4123-19 Support, once structure broke it gave us pre market flush towards 4100 but failed to tag it and we again ran out of inventory. During Powell discussion volume came in took us over 4143-37 Resistance to our second Key Intraday Resistance from where we can see bigger seller stepped in and we got the move to our target at 4103-4099 where we selling stopped and gave us a move back over the resistance filled the short stops and closed the day weak trapping end of day chasers above 4175-80 after failure a tag and fail at next Key Resistance 4191-85 doesn't we cant still move above it but we have failed around it 3 times now and if we don't get much continuation then supply will build up and shorts will start dropping the bid.
Prep for 2.08.23: Previous session we have stayed within our Daily Balance tagging both side of it in the same day and closing under our Daily Resisting after failing there again. Are we ready to attempt a break out from this daily balance or will we stay in range and maybe tighten up some more? Currently we are in 4214-4191 // 4123-4100 range, inside Previous Day Range and Over T2 Range now we will be watching to see if this 4168-62 act as Support or not and if we will be able to make a push towards 4191-85 which will be our Key Resistance going into tonight as that is an area we need to build under and then stay over to see upside, for now its showing more weakness and sideways action while trapping more longs on every push higher. If 4168-62 fails our Key Intraday Support will be 4143-37 which is also T2 High entry and should have buyers under there, If we do fail at 43-37 watch if we can get going under for our lower Targets towards 4123 4103 4084 ONLY if we can break 4143-37 for now we have accepted over it.
Levels to Watch:
Resistance: Key Daily 4214-4191 Key Intraday 4191-85
Support: Key Daily 4103-4084 Key Intraday 4143-37 Current Temp Support 4168-62 Possible Resistance?
**** Watch of Key areas to show the way
Prep for 2.08.23: Previous session we have stayed within our Daily Balance tagging both side of it in the same day and closing under our Daily Resisting after failing there again. Are we ready to attempt a break out from this daily balance or will we stay in range and maybe tighten up some more? Currently we are in 4214-4191 // 4123-4100 range, inside Previous Day Range and Over T2 Range now we will be watching to see if this 4168-62 act as Support or not and if we will be able to make a push towards 4191-85 which will be our Key Resistance going into tonight as that is an area we need to build under and then stay over to see upside, for now its showing more weakness and sideways action while trapping more longs on every push higher. If 4168-62 fails our Key Intraday Support will be 4143-37 which is also T2 High entry and should have buyers under there, If we do fail at 43-37 watch if we can get going under for our lower Targets towards 4123 4103 4084 ONLY if we can break 4143-37 for now we have accepted over it.
Levels to Watch:
Resistance: Key Daily 4214-4191 Key Intraday 4191-85
Support: Key Daily 4103-4084 Key Intraday 4143-37 Current Temp Support 4168-62 Possible Resistance?
**** Watch of Key areas to show the way
Comment:
So far Globex hanging around this 4168-62 level. Failure to get under 4168-62 and continue lower towards 4143-37 could mean that we will do another push higher today, watch 4191-85 as our resistance and if taken out we watch 4220-14 Area next if that happens
Comment:
If 4143-37 holds in RTH and we get back over 4168-62 we can see upside play out, IF we get under 43-37 and holding watch out with longs and instead watch lower supports as targets
Comment:
4168-62 Acting as our resistance as we thought it might last night, watch now if we can go and take out 4143-37 and get under it if we can we can Target lower Supports with possible target of 4084-77 and MAYBE look under
Comment:
Breaking 4143-37 watching lower targets to play out unless we get back over and hold
Comment:
IF we break 4103-99 area Watch out because once 4084-77 breaks we can see Margin calls and if things get really ugly don't sleep on 4040-4030-4000 areas to trade
Comment:
If 4123-19 holds then don't look for continuation lower today, we must break that and 4103-99, holding under 4143-37 is signed of continued weakness and possible we go lower still but watch for full breaks for continuation
Comment:
We broke 43-37 Support and finding buyers under, we need to give it time here to show us the way but watch if we can get over this 43-37 area, hold over and then fail after 1pm then there is a good chance for lower targets to hit. As long as price doesn't get back over 4168-62 watch out for failure back under 43-37 and continuation.
Comment:
Push back over 43-37 failed, now watch if we take out 23-19 and continue
Comment:
Watch out here, if we cant get back under 4143-37 our target becomes 4191-85 and maybe 4214-20
Comment:
Jammed up between 43-37 resistance and 4123-19 Support, we might not see a break today of either side but those are the areas to watch for any continuation or reversal
Comment:
Looks like they might have waited until end of day again to drop the bid, lets see
Comment:
No break today but we hit 1 of the targets from 43-37 to 23-19 and now we are building Structure under 4143-37 to show us whats next. Those will be the areas to watch tonight 4168-62 // 4143-37 // 4123-19 // 4103-4099