FED Day!
Market might be gearing up for a big move today, on a bigger timeframe we found our top, found or low and now back to the middle of the range. Yesterday showed us that we still have buyers but most of the buyers right now are large short covering and momentum longs from Daily Support which puts us in interesting spot. Currently over 4012-3990 Daily Support inside Previous Days Range and looks like accepted in a bigger 4100-4000 range which to me says possibility that we push higher before or on the Fed BUT I also think that is a spot where we can find size sellers as well and if we will have Supply this thing is not held up by much Support IF 4012-3890 breaks and take out 3976-71 thing could get ugly to the downside with lower Daily Support to watch at 3915-3890 and if things get ugly to 3800-3790 but that only happens I think IF we do make a push towards 4084-4100 and cant hold/reverse. Currently we are in this 4046-4000 range if we can hold 4030-25 possibly move towards that 4061-46 area and then we can watching if we can continue out of it before the fed or not and if we fail to hold 4030-25 could head for our lower support.
Levels to Watch
Resistance : Key Daily 4123-4100 Key Intraday 4123-19 // 4103-4099 // 4084-77 Current 4046-42 For Continuation Higher 4061-56
Support : Key Daily 4012-3980 // 3915-3890 // 3810-3790 Key Intraday 4030-25 // 3994-90 // 3976-71 Current 4030-25 ?
Market might be gearing up for a big move today, on a bigger timeframe we found our top, found or low and now back to the middle of the range. Yesterday showed us that we still have buyers but most of the buyers right now are large short covering and momentum longs from Daily Support which puts us in interesting spot. Currently over 4012-3990 Daily Support inside Previous Days Range and looks like accepted in a bigger 4100-4000 range which to me says possibility that we push higher before or on the Fed BUT I also think that is a spot where we can find size sellers as well and if we will have Supply this thing is not held up by much Support IF 4012-3890 breaks and take out 3976-71 thing could get ugly to the downside with lower Daily Support to watch at 3915-3890 and if things get ugly to 3800-3790 but that only happens I think IF we do make a push towards 4084-4100 and cant hold/reverse. Currently we are in this 4046-4000 range if we can hold 4030-25 possibly move towards that 4061-46 area and then we can watching if we can continue out of it before the fed or not and if we fail to hold 4030-25 could head for our lower support.
Levels to Watch
Resistance : Key Daily 4123-4100 Key Intraday 4123-19 // 4103-4099 // 4084-77 Current 4046-42 For Continuation Higher 4061-56
Support : Key Daily 4012-3980 // 3915-3890 // 3810-3790 Key Intraday 4030-25 // 3994-90 // 3976-71 Current 4030-25 ?
Comment:
So far failure to get over 46-42 if we get under VWAP we could see a move towards lower Support unless we find the bud again around 30-25
Comment:
IF we take out 30-25 and head lower before the FED we might get more selling from the FED and we watch our next Key Daily Support as possible targets
Comment:
4030-25 Held. Lets see what Fed does if we still get a push to upper Supply area and if we hold or not, or will find more supply early and head lower?
Comment:
4061 target Hit, Failed to hold over as we expected to find more size sellers there and got our move lower with first tag finding buyers at 4012-08 but after the pull back we broke and continued down to lower target. With this close we should see continuation lower, maybe even tonight in Globex but as always we have to wait and see what we get.