This week we find ourselves opening right against bigger resistance area of 4120-4080, its a big market moving data week which will bring in volume. Lots of traders are looking for this to either reverse hard or keep going to 4150-4200-4300 those two are great options and another is to use this to maybe shake things up on both sides. It feels like there is still more covering to do and at the same time we are at an area of bigger supply which warns us of uncertainty. We have been making some big moves and maybe we found a location to range a little bit? Do some cleaning and get ready for next step? We will have to see what action we get this week but if that turns out the case then will be looking at 4120-4000 as our bigger range for now until we fully break through either side.
Areas to watch tonight are 4084-77 // 4061-56, If we completed our business over 84 for now and trapped that supply then we will want to buy it back cheaper. If we cant get back over 84-77 that might give us a test of Fridays low and that 4061-56 level to see if we can shake things up and from there will have to watch it level to level with our potential support being at 4046-42 and lower with T2 Low being right at 4030-25 Support. Thinking that if we stay in this bigger range then we might get some good two way trading this week because of this indecision with buyers under 4000 and sellers over 4100 but also a chance to see quick reversals.
We are currently accepted in 4077-4030 area and Friday move was a stop run but we have to watch if we build structure around it then get back over it.
Levels to Watch:
Daily Resistance 4120-4084 Intraday 4143-37 // 4123-19 // 4103-4100 // 4084-77
Daily Support 4012-3990 Intraday 4061-56 // 4046-42 // 4030-25 // 4012-08
Areas to watch tonight are 4084-77 // 4061-56, If we completed our business over 84 for now and trapped that supply then we will want to buy it back cheaper. If we cant get back over 84-77 that might give us a test of Fridays low and that 4061-56 level to see if we can shake things up and from there will have to watch it level to level with our potential support being at 4046-42 and lower with T2 Low being right at 4030-25 Support. Thinking that if we stay in this bigger range then we might get some good two way trading this week because of this indecision with buyers under 4000 and sellers over 4100 but also a chance to see quick reversals.
We are currently accepted in 4077-4030 area and Friday move was a stop run but we have to watch if we build structure around it then get back over it.
Levels to Watch:
Daily Resistance 4120-4084 Intraday 4143-37 // 4123-19 // 4103-4100 // 4084-77
Daily Support 4012-3990 Intraday 4061-56 // 4046-42 // 4030-25 // 4012-08
Comment:
Looks like Globex failed to get back over 4084-77 and we got our move lower over night, We broke 61-56 area on the way down and now we have supply over it which might make it an area of resistance for today and now we are looking for the bid, we are at 46-42 Support which we might see break as well, real test is what we do around 35-30-25 area if we get there. We are already seeing some covering here in 46-42 area. If we dont get more selling to come in after the open then might even get a smaller range two way trading day between 70-30 unless we get back over 84-77
Comment:
Key Areas to watch today 4061-56 as resistance and 4030-25 as support for any continuation outside
Comment:
!!!!!!! In case we do open up with big sell volume and start taking out those support areas easily then that tells us a different story and we don't want to stand on its way down, because we are under Previous Day low if T2 low 4030-25 area breaks that will provide more selling and we may keep heading lower, this thing was held up by short covering and now we have supply so they can drop the bid since now they see supply, we have to see how much we have
Comment:
We are building long stops under Previous LOD, if those get taken at some point could provide more selling
Comment:
Back over 61-56 with strength and holding showing stability, there will be no break down unless we get back under that area, on the upside if this really has buyers they can try to take it over 84 again and head for that supply area
Comment:
if we fail to get over 84-77 and hold, this could send us the other way for round 2 at some point then watch what we do at 61-56 //46-42
Comment:
Failed at 84-77 area, can we continue and get back under 61-56 or will we hold?
Comment:
We break this 61-56 watch out
Comment:
46-42 breaks it should provide more selling, under 4030-25 we can see Margin calls
Comment:
If we hold under T2 low, careful buying dips as we can have margin calls to the downside 3950 not out of the question if we get going
Comment:
Also have to remember that this is a big area and it might take time to build up enough pressure to break lower so it could spend time building up before that as well if it even happens 61-56 is not holding so 46-42 is lower support to watch
Comment:
Holding under our 61-56 resistance
Comment:
46-42 area to watch
Comment:
46-42 test came back out = support held for now, back at resistance
Comment:
IF Support holds we will not get continuation lower BUT holding below 4084-77 and 4065 areas signals continued weakness so do not discount for this thing to still break at some point in the day but for that we have to let it show us until then 46-42 is our support and 4061-56 resistance holding above it will signal possible change but will have to see if we will have strength over it or not
Comment:
Is this our break?
Comment:
If we stay under this area we may go looking for bid lower, if 30-25 gets taken still chance for margin calls
Comment:
Only an hour to go so now as much time left but if we get under 4030-25 we watch 4010-3890 area for continuation today or not, if we cant break 4030-25 shortly then red flags for continuation
Comment:
Short covering before T2 low support ends our day looks like. Will we hold tomorrow?