Review: Sunday Globex opened right at key level of 4084-7, attempted to get back over but failed trapping the buyers and yesterdays end of day supply above. We sold got the move lower which broke 4061-56 and found buyers at lower support area of 4046-42 pre market. At RTH Open we corrected short inventory back to our Resistance area of 4084-77 where more sellers stepped in. Selling back down and holding under 4061-56 was showing us that this is now our resistance making possible target at 4046-42 which was already tested multiple times and T2 low below it at our 4031-25 Support. We did get our move lower but it happened towards the end of the day which makes us think there are still buyers below and we didn't have enough supply to break it just yet. Good trades today from resistance down, stayed with the trend.
Overview: We are currently in distribution mode and our range is 4077-4030, we got up against big resistance last week and trapped some more supply over 4084 which we saw today coming out under 4061. We had enough short covering today to keep us up over resistance and not test T2 Low which was at key support until end of day... does that tell us that the buying is so strong and keeping us up or are we just taking our time dropping the bid lower to not scare off willing buyers? Tonight our nearest Resistance is at 4046-42 and Support is at 4030-25 since we are in distribution mode we are not sure when they will be done and ready to move out of this range. We are currently below T2 range but inside Previous Day range, as long as we are holding under 4061-56 that is a sign of continued weakness from above but must see a break of 4030-25 for first sign of lower continuation and then get under 4012-08. For signs of reversals to the upside we must hold 4030-25 and start taking out higher resistance areas and especially holding over 4061-56. Can we stay in distribution range until data starts hitting this week to bring more volume or will we make a move outside the range again?
Levels to Watch:
Daily Resistance: 4123-4084 Intraday Resistance: 4084-77 // 4061-56 // 4046-42
Daily Support: 4012-3988 Intraday Support: 4030-25 // 4012-08 // 3994-89 If Broken then 3957-53 // 3944-40
Overview: We are currently in distribution mode and our range is 4077-4030, we got up against big resistance last week and trapped some more supply over 4084 which we saw today coming out under 4061. We had enough short covering today to keep us up over resistance and not test T2 Low which was at key support until end of day... does that tell us that the buying is so strong and keeping us up or are we just taking our time dropping the bid lower to not scare off willing buyers? Tonight our nearest Resistance is at 4046-42 and Support is at 4030-25 since we are in distribution mode we are not sure when they will be done and ready to move out of this range. We are currently below T2 range but inside Previous Day range, as long as we are holding under 4061-56 that is a sign of continued weakness from above but must see a break of 4030-25 for first sign of lower continuation and then get under 4012-08. For signs of reversals to the upside we must hold 4030-25 and start taking out higher resistance areas and especially holding over 4061-56. Can we stay in distribution range until data starts hitting this week to bring more volume or will we make a move outside the range again?
Levels to Watch:
Daily Resistance: 4123-4084 Intraday Resistance: 4084-77 // 4061-56 // 4046-42
Daily Support: 4012-3988 Intraday Support: 4030-25 // 4012-08 // 3994-89 If Broken then 3957-53 // 3944-40
Comment:
Looks like we have supply again, if we can get under 4030-25 and build stops then it could make a nice move lower tonight, have to see if 4012-08 holds
Comment:
Globex first found some support at 4030-25 then tried to make a push out of it to stay inside the upper range but failed making 4030-25 our potential Resistance now. we are finding support this morning at 4012-4008, we are under Prev Day Low and T2 Low and we are still finding responsive buying at possible support areas which is telling us that selling not that strong for now. Will it be a different case at the open with RTH order flow? or will we try to balance it some more in this upper area selling lower before the big Fed/Data day tomorrow? Resistance areas to watch today are 4046-42 // 4030-25 and Support 4012-08 // 3994-3889
Comment:
If at Open we fail to hold under 4030-25 that's first red flag for lower continuation today and to get anywhere from there we have 4012-08 to take out as well. If we get back over 4030-25 and accept then we could rotate back towards T2 low at 4061-56
Comment:
4030-25 very important area today, we still have supply over 4084-77 and 4061-56 if today we stay above 4030 but cannot chew through all that supply and hit 4084-77 area then look for this thing to possibly head lower later on in the day, they might try to keep it up here longer then if we run out of buyers and still have supply watch if we break 4030-25 again, if happens can give good downside move as long as we build up over it first
Comment:
Cleaning out 46-42 resistance, looks like price wants to go above, watch if we make a dip back towards 30 on data and cant take it out then can rotate back through this area up to 61-56
Comment:
If 30-25 breaks careful
Comment:
Must be careful in this area, if we have heavy supply we wont go to higher target but come back in instead if that happens we target our support again
Comment:
Watch out if we fail here, don't forget about our lower support areas and if we are going down with good volume we are not trying to buy bounces until it shows us some hold at them
Comment:
Fed tomorrow, we trapped shorts for support under 4030-25 this morning and have support under 46-42 from open, they might be able to keep us in here selling at higher prices. Today might be boring unless we start breaking down later on and taking out lower support areas
Comment:
Don't forget failure over 61-56 not good, but have to break ack under and see what they got
Comment:
Watch for end of day push over 84-77