3.02.23 Review : Globex broke 57-44 Support area and was holding under before RTH signaling weakness but that and 32-27 were important areas to stay under and break, RTH Open failed to break 32-27 then we got over 3944-40 and per our morning prep IF we hold 32-27 and managed to get over 44-40 and hold that opens the door for higher resistance target and we got a move back towards our Daily Resistance area around 3990. We failed to tag next Daily Support which tells us we got front ran by short covering.
3.03.23 Prep: Did we run out of supply and now ready to either hold or continue higher? Or was this move inventory correction from Wednesday close and short covering before Daily Support and we will head for that area again? Right now we are holding in our Daily Resistance area of 4012-3990, this and 3976-71 will be important areas to hold today for either balance or continuation over 4012 towards 4030. If we fail to accept in 4012-3990 area and get under it that will signal weakness and a possible move wards 3976-71 where we don't have as much Support under, if that breaks we can see a move lower again to test our T2 and Previous Days lows and possibly look below them. If we do hold 76-71 and are able to stay over 94-90 we can see a move higher towards the top of Daily Resistance at 4012-08 where we would watch for continuation above or not, that will be our Key Resistance area for today.
Levels to Watch
Resistance : Key Daily 4012-3990 Key Intraday 4012-08 Key For Continuation Higher 4030-25
Support : Key Daily 3915-3890 Key Intraday 3976-71 Current 3994-90 ? Key For Continuation 3957-53
3.03.23 Prep: Did we run out of supply and now ready to either hold or continue higher? Or was this move inventory correction from Wednesday close and short covering before Daily Support and we will head for that area again? Right now we are holding in our Daily Resistance area of 4012-3990, this and 3976-71 will be important areas to hold today for either balance or continuation over 4012 towards 4030. If we fail to accept in 4012-3990 area and get under it that will signal weakness and a possible move wards 3976-71 where we don't have as much Support under, if that breaks we can see a move lower again to test our T2 and Previous Days lows and possibly look below them. If we do hold 76-71 and are able to stay over 94-90 we can see a move higher towards the top of Daily Resistance at 4012-08 where we would watch for continuation above or not, that will be our Key Resistance area for today.
Levels to Watch
Resistance : Key Daily 4012-3990 Key Intraday 4012-08 Key For Continuation Higher 4030-25
Support : Key Daily 3915-3890 Key Intraday 3976-71 Current 3994-90 ? Key For Continuation 3957-53
Comment:
Watch out if we fail to reach 30-25 and get back under 12-08
Comment:
4030-25 goes and we can possibly see continuation towards next resistance at 3940-50 or an area we can still reverse at so watch out
Comment:
Resistance at 4040-50*
Comment:
We are getting into bigger Supply areas now and buyers are shorts who are getting bought in, things may be slow and may or may not continue much past 4040. Getting to the time of day to be cautious and not push much but keep the profits.