Thursday 2.09.23 Review: Globex made a move over 4143-37 Resistance into next resistance at 4168-62 where we failed to hold and once RTH opened we corrected inventory back under 4143-37 and held under giving us a signal for short trade towards lower support targets 4123-19 // 4103-4099 // 4084-77. The way the day started was thinking that there is a chance to get under 4100 and with help of margin call selling push under 4084-77 but when we were still holding over 4100 before 2pm chances for that were slim but 4084-77 was still a good target to hit and test. We did fill the single prints from the Fed and now need to wait for next direction. Had some nice trades today, short from 43.75 area with exit around 84.50 would have been the trade.
Friday 2.10.23 Prep: Previous session tagged 4084-77 Support and closed over it and now we are waiting to see what we will get next, continuation lower? another buy the dip? We are right at the edge of Key Support areas and can still expect to see buyers here, will it continue or hold somewhere around here and reverse later will depend on if its trapped supply coming out or outside selling. Right now we have to give it time and see what kind of structure it builds out to trade from. Going into tonight we watch 4103-4099 as Resistance and 4084-77 as Key Support and Previous Day Low. If we make a move under 4084-77 that opens the doors for a test of 4061-56 and if broken 4046-42 those two areas would need to be taken out for any continuation lower and to see our edge at 4030-25. For upside to play out we want to see buyers either at 4084-77 or strong buyers at 4061-56, our T2 low is at 4123-19 which is our Key Resistance for the day and we should have supply coming out from there which means we will only move there if we find strong buyers or run out of supply under 4103. If selling is not that strong watch for us to balance between 4103-4056 areas,
Levels to Watch:
Resistance: Key Daily 4214-4191 Key Intraday 4143-37 // 4123-19 Intraday 4103-4099
Support: Key Daily 4103-4084 // 4012-3990 Key Intraday 4084-77 Key For Continuation 4161-56 Next Key 4030-25
**** We are still in our bigger balance area and until we show a full move out we can stay in these back and forth this whole month unless we start breaking out of these daily areas and holding under/over. Time to be patient and strike when the move sets up.