Review: Didn't have enough gas today to get to our supply area, Globex spent most of the night between 4042-430 building up supply, break of that trapped supply from yesterday and overnight above it, that was our first red flag to be cautious today as if we were to continue strong we would have held that area in Globex. Area mentioned for possible support was 4012-08 which we could see pre market that we were holding above, when opened we did failure to break the first sign that level is holding then look below and come back in was the main trade for the day which got us back to overnight supply where we found more sellers and went sideways again over VWAP selling over 4030. Great day, support provided great trades, second half of the day was the hardest today.
Overview: We had an interesting open today, we closed RTH with a stop run over 4046-42 and over 5 hours of selling over Vwap. Opened and drove under that consolidation area trapping the longs making it our supply area going forward. This can be a good chance to see if we have enough supply to break todays low and get more people to sell some, under Previous Low we have our next Potential Support at 3995-89 with has T2 low and position below it, if we have enough selling we can see that area tested but overall we are inside T2 range, judging from todays action we still have shorts trying to cover so I wont be surprised if we still do a test of Monday high and area above it. We have to see what Globex does, for the upside to happen we will have to look strong below 4012-08 and 3094 if we get under them and get back over 4030-25 for final confirmation.
If we get below 3994-89 and hold under it that changes things, until then we can still get good amount of short covering and a run into a supply zone, longer we hold over this area and over the trendline more customers we can have.
Levels to Watch: 3995-89 // 4012-08 // 4030-25 // 4046-42 // 4061-56 Not looking to hold too much above last night unless showing good strength because its bigger supply area.
If selling is strong but not strong enough to get under T2 Low and not enough buying to get over and hold 4030 Then potential for inside day between 4030-4000
Overview: We had an interesting open today, we closed RTH with a stop run over 4046-42 and over 5 hours of selling over Vwap. Opened and drove under that consolidation area trapping the longs making it our supply area going forward. This can be a good chance to see if we have enough supply to break todays low and get more people to sell some, under Previous Low we have our next Potential Support at 3995-89 with has T2 low and position below it, if we have enough selling we can see that area tested but overall we are inside T2 range, judging from todays action we still have shorts trying to cover so I wont be surprised if we still do a test of Monday high and area above it. We have to see what Globex does, for the upside to happen we will have to look strong below 4012-08 and 3094 if we get under them and get back over 4030-25 for final confirmation.
If we get below 3994-89 and hold under it that changes things, until then we can still get good amount of short covering and a run into a supply zone, longer we hold over this area and over the trendline more customers we can have.
Levels to Watch: 3995-89 // 4012-08 // 4030-25 // 4046-42 // 4061-56 Not looking to hold too much above last night unless showing good strength because its bigger supply area.
If selling is strong but not strong enough to get under T2 Low and not enough buying to get over and hold 4030 Then potential for inside day between 4030-4000
Comment:
Interesting spot we are in, Key locations to watch are 4012-08 and 3995-89 if holding under 95-89 could see lower test of 76-71 and if that breaks continue lower, for any upside to play out will have to get back over 4012-08 and hold strong over it
Comment:
If we take out 95-89 area and accept under, will be looking for this to flush down to 76-71 and if that goes possible lower targets are 3957-53 and if really strong 3944-40 if we get that low there is possibility to see short covering there the end of the day
Comment:
Chewing through supply, if we dont have more and we get over 4012-08 next areas to watch 4030-25 // 4046-42 // 4061-56
Comment:
Doesnt look like enough time to make the move today, A close over or around 4010 area would be good