Review of 1.26.23: Last night Globex opened and found support on our TPOC location from Monday-Tuesday right above our 4030-25 level. We used the volume from morning data to run the stops over 4046 and get us up against our resistance before RTH Open. RTH opened with the stop run over ON High into Supply area where we found our sellers which took us down and broke morning support but inability to break 4030-25 gave us clues that we have buyers below and we can see that below us on the left that we might have trapped some shorts on yesterdays move back out. We took in all of the supply above and made another run, I assume they might have waited until the end of the day to run it because we had so much supply above, even the push over it was slow and grindy which doesn't mean its weak but to me says lots of sellers and the buyers are just the unwilling shorts getting bought in. Besides the slow and grindy action levels held very nice and targets were hit, in the morning started thinking they might have the juice to get over 84 but with them having to first flush out supply was not enough gas but we hit 77.25 almost to the tick.
Overview for 1.27.23: We will have to see how Globex will set up before PCE Tomorrow but we are now in area of supply, our bigger time frame level above is 4084-4123 which is our pocket of resistance and supply. Since we are up here and covering they might need more liquidity to get covered and with tomorrows data they might try to use that to make a run at it. Depending on how they will play it out I think we can have a very tricky day because we are currently over T2 high, over Monday high but we are within range and willing buyers might be running out, do we flush everyone lower, trap shorts and use that to head over 4084 into supply, do we build a base here get over it and head for that then flush it back down? lots of questions for tomorrow and might be a difficult day. We have our potential support under 4061-56 and 4046-42 levels if we make a run for higher supply area and fail there and start taking out those supports the flush can can be big to the downside. Letting things open and show the way might be a smart thing to do tomorrow;
Levels to Watch: Resistance : 4143-37 // 4123-4119 // 4103-4099 // 4084-77 Potential Support 4046-42 // 4030-25 // 4013-08 // 3994-89
Area to watch is 4061-56 and 4084-77 Tonight and RTH Tomorrow
IF we do happen to get a big move down, better support areas below are 3957-53 // 3944-40 Which is our T2 Low area
Overview for 1.27.23: We will have to see how Globex will set up before PCE Tomorrow but we are now in area of supply, our bigger time frame level above is 4084-4123 which is our pocket of resistance and supply. Since we are up here and covering they might need more liquidity to get covered and with tomorrows data they might try to use that to make a run at it. Depending on how they will play it out I think we can have a very tricky day because we are currently over T2 high, over Monday high but we are within range and willing buyers might be running out, do we flush everyone lower, trap shorts and use that to head over 4084 into supply, do we build a base here get over it and head for that then flush it back down? lots of questions for tomorrow and might be a difficult day. We have our potential support under 4061-56 and 4046-42 levels if we make a run for higher supply area and fail there and start taking out those supports the flush can can be big to the downside. Letting things open and show the way might be a smart thing to do tomorrow;
Levels to Watch: Resistance : 4143-37 // 4123-4119 // 4103-4099 // 4084-77 Potential Support 4046-42 // 4030-25 // 4013-08 // 3994-89
Area to watch is 4061-56 and 4084-77 Tonight and RTH Tomorrow
IF we do happen to get a big move down, better support areas below are 3957-53 // 3944-40 Which is our T2 Low area
Comment:
Globex has stayed in tight range between our supply area and current support 61-56 getting ready for data at 830. We have bigger supply area over 84-77 can we get over it today and make a push into it or will we cover everything into the selling here and drop the bid? Key levels 4084-77 if we cant get over read flags, if break and accept under 61-56 first signal if under 46-42 dont discount a nice trip down towards T2 low area
Comment:
If we do go lower today as we might be out of gas and heavy supply area above and we break 4046-42 and 4030-25 Potential spot for support is between 4012-3989 T2 low area might be too far away and this would be a good spot to buy it all back
Comment:
Failure to get under 4046-42 will be our tell that we still have strength and covering, we are in large supply area so very possibly to have a smaller choppier range today with size conducting their business into Month End. If thats the case we might get some moves second half of the day. Don't turn your back on 4100 area if we do stay above T2 high and get over previous day high at some point
Comment:
84-77 Big Resistance, was that it? watch for this to get a nice move lower if we cant hold this
Comment:
Watch 4061-56 // 4046-42 IF we get through that can get interesting
Comment:
61-56 held as we couldn't test it which meant piñata is safe for now and we had more buyers, we are now in supply area and nothing is setting up here yet so far we are still filling the buyers
Comment:
Watch out if we get under 84-77
Comment:
If we hold over this 93 area we can see buy ins into our next supply area, look for 4103-4099 and if that gets taken 4123-4119 and above if really has a lot to buy
Comment:
out of juice