Wednesday 2.15.23 : Yesterday after CPI it looked like we could get our continuation lower after we took out 4123-19 Support but we failed to even tag 4103-4099 Key area for entrance back into T2 range where short covering came in and gave us a push back over 4143-37 telling us there is still good Daily Support in that area but the move higher failed to continue or reach 4168-62 because we trapped good amount of supply over 4150 in the morning to hold us down. Can we see that continuation today? Very possible because market has been showing us for last few days that we now have supply but not yet enough to take out T2 areas and make more people sell out. Today holding above Daily Support of 4123-4100 will be a sign of strength and we are inside T2 Range right by the high. Today 4123-19 will be our Key Support only with its break we can see continuation lower, if we fail to get back to 4123-19 and get over 4143-37 our T2 high area that will put next Resistance and Previous Day high as a good target, if we can make a push past that at some point and hold then could see us go for the stops over 4191-85 towards 4220-15. On the downside if 4123-19 breaks we are looking at Previous Day and T2 low as targets and possible break and continue. Unless those break and continue we are staying in this smaller balance with 4143-37 being our middle, 4168-62 Resistance and 4123-19 Support. IF Daily Support breaks watch out to the down side.
**** We Do have Data this morning and for now holding under 4143-37 so watch out if data flushes under daily support and holds then we could see a big down day towards 4000 area and we will not be looking for any longs.
Levels to Watch:
Resistance Key Daily 4215-4191 Key Intraday 4168-62 Current 4143-37
Support Key Daily 4123-4100 Key Intraday 4123-19 // 4103-4099 // 4084-77
**** We Do have Data this morning and for now holding under 4143-37 so watch out if data flushes under daily support and holds then we could see a big down day towards 4000 area and we will not be looking for any longs.
Levels to Watch:
Resistance Key Daily 4215-4191 Key Intraday 4168-62 Current 4143-37
Support Key Daily 4123-4100 Key Intraday 4123-19 // 4103-4099 // 4084-77
Comment:
Breaking 4123-19 Support, Watch if we get continuation in RTH and can break 4103 that will confirm the downside move if we can break and hold under
Comment:
If we cant continue under 4123-19 then watch out if we ran out of supply and head for T2 high and our 4168-62 resistance
Comment:
Looks like we are out of supply, watch for continuation over 4143-37, it might be sticky because we have supply over those areas but we want to see if we can push it towards 4168-62 and 4191-85 with possible attempt at 4215. But for that we have to start taking out resistance areas and holding above
Comment:
IF we fail to get over or tag 43-37 watch for this to turn around and visit the lows again
Comment:
Stop run of todays HOD into resistance areas and fail. Fail at HOD if we don't get back over can bring in new LOD. watch for that to play out if we can get away from this 43-37 area and get under 23-19
Comment:
If 4123-19 Breaks, we watch our lower targets for destination.
Comment:
Failed to break vwap and tag 4123. IF gets back over 43-37 this time we might have more power behind us to keep going this time, lets see
Comment:
Must take out 43-37 to go higher, IF not we rotate lower don't forget
Comment:
What a grind, tells us that buyers are just shorts who are being forced to cover with no follow through because we now have supply from going sideways over this Daily Support area. We are still holding and upside can still play out while we are but it tells us we are starting to build up supply and if we cant get over 4191-4215 and go sideways there then we will have to go look for buyers instead but for now we are holding
Comment:
Waited till end of day for a stop run