3.01.23 Review : Wednesday RTH Opened under 3976-71 which signaled possible move to our lower targets, we did do a full break of our 3957-44 Support area and tagged our target but did not see the full move down towards 3931-27. This is area of cost basis for size traders so we expect to see balancing action and buying around our Support areas, especially on first tests and so far selling is mechanical so we aren't breaking multiple areas at once.
3.02.23 Prep : Globex broke 3957-53 and sold off down to our 3932-31 target where we found Support. Currently we are in this 3955-25 balance under the supply from previous days, inventory is short from yesterdays close, we are under T2 range and trying to hold inside Previous Days Range. We are getting into next Daily Support area here so very possible to see stronger buyers and at the same time we have plenty of supply above still coming out it looks like, will we get continuation through our next Daily Support area today? or will we hold this current balance and maybe try to make a push back over 3957-53? So far looks like we are looking good for possible continuation but as we saw for past weeks it hasn't been easy and things have been taking a long time to set up and show direction unless we switch it up today. This 3957-44 area will be our Key Resistance today, holding under means continued weakness and can bring on a test of 3932-27, If we managed to break that we have juicy stops lined up below ready to be filled down to 3892 as that is the next Daily cost basis low. If we do accept back in Previous days range and can hold over 3944-40 that can give us a push back over this resistance area and we could look for higher targets but until then we should be expecting some balance at the lows or continuation.
Levels to Watch
Resistance : Key Daily 3957-44 Key Intraday 3957-53 // 3944-40 Key For Continuation Higher 3976-71
Support : Key Daily 3915-3890 Key Intraday 3937-27 Key For Continuation Lower 3915-10
*** We are Under a lot of supply and only buyers are shorts who are covering, if shorts see more supply they will drop the bid. IF we do happen to get down to 3900 area today with time left, IF 3890 breaks not much support there until 3870 and under.
3.02.23 Prep : Globex broke 3957-53 and sold off down to our 3932-31 target where we found Support. Currently we are in this 3955-25 balance under the supply from previous days, inventory is short from yesterdays close, we are under T2 range and trying to hold inside Previous Days Range. We are getting into next Daily Support area here so very possible to see stronger buyers and at the same time we have plenty of supply above still coming out it looks like, will we get continuation through our next Daily Support area today? or will we hold this current balance and maybe try to make a push back over 3957-53? So far looks like we are looking good for possible continuation but as we saw for past weeks it hasn't been easy and things have been taking a long time to set up and show direction unless we switch it up today. This 3957-44 area will be our Key Resistance today, holding under means continued weakness and can bring on a test of 3932-27, If we managed to break that we have juicy stops lined up below ready to be filled down to 3892 as that is the next Daily cost basis low. If we do accept back in Previous days range and can hold over 3944-40 that can give us a push back over this resistance area and we could look for higher targets but until then we should be expecting some balance at the lows or continuation.
Levels to Watch
Resistance : Key Daily 3957-44 Key Intraday 3957-53 // 3944-40 Key For Continuation Higher 3976-71
Support : Key Daily 3915-3890 Key Intraday 3937-27 Key For Continuation Lower 3915-10
*** We are Under a lot of supply and only buyers are shorts who are covering, if shorts see more supply they will drop the bid. IF we do happen to get down to 3900 area today with time left, IF 3890 breaks not much support there until 3870 and under.
Comment:
Opening on a gap down
Comment:
Failure in 57-44 area could give us another move lower if we fail to hold 44-40
Comment:
44-40 Breaks and we watch for continuation lower from here to our 31-27 target and possibly next Support area
Comment:
32-27 Held in the morning, 44-40 held retest, got the move to 57-53 and over. No continuation lower today, buys front ran daily Support
Comment:
3976-71 is our Key Resistance for continuation higher, lets see what we do here
Comment:
Hour to go we might be close to done for the day, dont see us getting big move over 76-71. Daily support got front ran by short covering today and we ran out of supply which gave us this push back towards resistance. If we cant reach our Daily Resistance at 4012-3990 then this will be MGI for tomorrow to watch if this move back up holds or not