2.22.23 Review: Wednesday Globex failed to continue lower, RTH Opened and failed to accept over 4012-08 and that gave us a test of 3994-89 bottom of our Daily Support where we found buyers on the first test. It was FOMC Day but things were still moving well. We did get another test and full break of 3994-89 which tells us we have supply but I think because it was end of day that instead of continuation we got short covering before the close back towards Supply without leaving our current balance area.
2.23.23 Prep: Daily Support held yesterday but are we getting a bounce, another tighter range balance day or continuation lower? We failed to break 3994-89 yesterday which told us we still had buyers and not enough supply at that time but do we have buyers strong enough to hold us and push us back over resistance? We know the buying yesterday was mostly short covering at Daily Support before the level break, IF today we cant get back over 4030-25 and get back under 4012-08 there is a very good chance to test that 3994-89 again and if we break this time we will again find us under T2 and Previous Day Lows which could bring further continuation to the downside if that will happen we can watch lower targets if we get under 3976-71 our lower Support areas will be in play. If we do hold 4012-08 and get over 4030-25 we can attempt a run our higher Supply area over 4046-42. If we fail to really get going anywhere today its possibly to stay in this 4012-08 - 4046-42 range as well, we watch level to level for continuation to either side.
Levels to Watch:
Resistance: Key Daily 4103-4084 Key Intraday 4030-25 // 4046-42 Key For Continuation 4061-56
Support: Key Daily 4012-3990 Key Intraday 4012-08 // 3994-89 // 3957-53 Key For Continuation 3976-71
2.23.23 Prep: Daily Support held yesterday but are we getting a bounce, another tighter range balance day or continuation lower? We failed to break 3994-89 yesterday which told us we still had buyers and not enough supply at that time but do we have buyers strong enough to hold us and push us back over resistance? We know the buying yesterday was mostly short covering at Daily Support before the level break, IF today we cant get back over 4030-25 and get back under 4012-08 there is a very good chance to test that 3994-89 again and if we break this time we will again find us under T2 and Previous Day Lows which could bring further continuation to the downside if that will happen we can watch lower targets if we get under 3976-71 our lower Support areas will be in play. If we do hold 4012-08 and get over 4030-25 we can attempt a run our higher Supply area over 4046-42. If we fail to really get going anywhere today its possibly to stay in this 4012-08 - 4046-42 range as well, we watch level to level for continuation to either side.
Levels to Watch:
Resistance: Key Daily 4103-4084 Key Intraday 4030-25 // 4046-42 Key For Continuation 4061-56
Support: Key Daily 4012-3990 Key Intraday 4012-08 // 3994-89 // 3957-53 Key For Continuation 3976-71
Comment:
Fail over 4030-25 watch if we take our out lower Support at 4012-08 we can see a good continuation today. If selling is real we will break 3994-89 and test 3976-71 with possible break/continuation and if not we will find support somewhere down there. IF we stay under 30-25 and continue of course.
Comment:
3976-71 Break we can see more downside. We are now Under T2 Low and Under Previous Day Low, if more supply start coming in the low is not secured, if that does happen next Daily Support area is under 3930. If we do get back over 3995-89 that will show stability if not then another test very likely
Comment:
Failure to break 76-71 Back over 3994-90 puts us back inside daily support, IF buying is real here we can see a push over 4012-08 and a push away from Daily support with possible targets at T2 high and 4084-77
Comment:
IF we fail to take out 4012-08 watch for reversal for the lows again