Core PCE which is the Fed's favored methods in evaluating inflation just hit the wires and came in softer than expected, but still above the Fed's ideal. T&S is reflecting that pre-market traders are enjoying the news, albeit on low volume. It is the end of the quarter heading into the weekend so todays price action will be important, lets take a look at some levels
The majority of yesterdays darkpool action occurred below the bid, the areas with the most significant orders occurred at 401.27 & 403.64, we will look at these as local supports. bulls need a break above 409, bears need a break below 400.
these are the potential scenarios I will look for today:
long:
- break above PM high, retest & hold
- dip to yday's darkpool prints & hold
short:
- pop to PM high & fail
- break below yday darkpool prints, retest & fail
resistances: 405.22, 407.20, 409
supports: 403.64, 401.27, 400, 398, 396.62,393.69
The majority of yesterdays darkpool action occurred below the bid, the areas with the most significant orders occurred at 401.27 & 403.64, we will look at these as local supports. bulls need a break above 409, bears need a break below 400.
these are the potential scenarios I will look for today:
long:
- break above PM high, retest & hold
- dip to yday's darkpool prints & hold
short:
- pop to PM high & fail
- break below yday darkpool prints, retest & fail
resistances: 405.22, 407.20, 409
supports: 403.64, 401.27, 400, 398, 396.62,393.69