Going into tomorrow, heavy news is set to be released including CPI, Inflation Rates, and Unemployment Claims.
Based off chart analysis, structure overall are looking BEARISH. I see two potential resistance areas 34K and the next being 34.3k. The only way i see structure passing these levels are because of the volatility of the news that'll be dropped tomorrow morning.
Here are few things to keep in mind. We have 2 gaps in structure, 33.1K from this 4HR analysis, second being 33.3K which was created from the Gap it created from Market opening at the very beginning of this year. And if you go back and look at history, especially monthly where im seeing this from. You'll notice there has only been 1 single time in market history that the Monthly candle gapped, and did not finish off the month covering the gap. Which would lead us back to the downside to cover them both and also lead us back to the trend line market has been bouncing off up since last Month.
My analysis based off news. We have only 1 piece of news projected to be good and thats a possible drop in inflation (which may spike price up) But news like Continuing Jobless Claims & First-time Jobless Claims are expected to increase which would be bad for the US, Leading to BEARISH markets.
Tomorrow, just trade safely as possible. This is just my personal opinion. Wish you all the best!
Based off chart analysis, structure overall are looking BEARISH. I see two potential resistance areas 34K and the next being 34.3k. The only way i see structure passing these levels are because of the volatility of the news that'll be dropped tomorrow morning.
Here are few things to keep in mind. We have 2 gaps in structure, 33.1K from this 4HR analysis, second being 33.3K which was created from the Gap it created from Market opening at the very beginning of this year. And if you go back and look at history, especially monthly where im seeing this from. You'll notice there has only been 1 single time in market history that the Monthly candle gapped, and did not finish off the month covering the gap. Which would lead us back to the downside to cover them both and also lead us back to the trend line market has been bouncing off up since last Month.
My analysis based off news. We have only 1 piece of news projected to be good and thats a possible drop in inflation (which may spike price up) But news like Continuing Jobless Claims & First-time Jobless Claims are expected to increase which would be bad for the US, Leading to BEARISH markets.
Tomorrow, just trade safely as possible. This is just my personal opinion. Wish you all the best!
Comment:
An additional thought, just as last cpi if were to get some type of bullish push from the 830, price may spike to 35K again. This may sound crazy, but if you go look at the last 3 CPI reports price as moved 1,000 points or just under that everytime.