#SPX #DailyReview #DailyOutlook:
Unemployment claims were up higher than expected but we had a no huge reaction to it so far. Today’s been mostly flat and the trading range was only about 233.3 pips or 0.52%. Most of the day price sat near or around the daily opening price (DOP). First Daily low (PDL) taken out this week as we took out yesterday’s low but didn’t trade through it and instead bounced off near it.
8:30am
USD
Unemployment Claims
231K 221K 218K
USD
Philly Fed Manufacturing Index
-5.9 -10.4 -9.0
USD
Import Prices m/m
-0.8% -0.3% 0.4%
Tomorrow we will have a light day of news, with Housing Starts, the number of new homes that have began construction, and Building Permits, the number of new building permits issued for the previous month, as the main thing to look out for. These will gauge the economy and its health so you’ll want to keep an eye out for these even if they don’t move the market.
(Yesterday’s setup) #2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
This is the setup that played out mostly, as we were able to at least tap the PDL but only tapped it then nothing became of that. We left the -$ sell side liquidity in place so that will still be the down side target. We still didn’t trade into the 4H+FVG. I didn’t take the sell though, since it was unclear, I stuck with the HTF and went LONG for a small gain of 0.43%.
Here’s that setup with details:
#1 Still left from yesterday are the PWHs and now the PDH. We are stalling at the moment so it may be a better chance to buy from the LTF if we get any short term highs taken out with a FVG/OB combo.
#2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
1H chart
Unemployment claims were up higher than expected but we had a no huge reaction to it so far. Today’s been mostly flat and the trading range was only about 233.3 pips or 0.52%. Most of the day price sat near or around the daily opening price (DOP). First Daily low (PDL) taken out this week as we took out yesterday’s low but didn’t trade through it and instead bounced off near it.
8:30am
USD
Unemployment Claims
231K 221K 218K
USD
Philly Fed Manufacturing Index
-5.9 -10.4 -9.0
USD
Import Prices m/m
-0.8% -0.3% 0.4%
Tomorrow we will have a light day of news, with Housing Starts, the number of new homes that have began construction, and Building Permits, the number of new building permits issued for the previous month, as the main thing to look out for. These will gauge the economy and its health so you’ll want to keep an eye out for these even if they don’t move the market.
(Yesterday’s setup) #2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
This is the setup that played out mostly, as we were able to at least tap the PDL but only tapped it then nothing became of that. We left the -$ sell side liquidity in place so that will still be the down side target. We still didn’t trade into the 4H+FVG. I didn’t take the sell though, since it was unclear, I stuck with the HTF and went LONG for a small gain of 0.43%.
Here’s that setup with details:
#1 Still left from yesterday are the PWHs and now the PDH. We are stalling at the moment so it may be a better chance to buy from the LTF if we get any short term highs taken out with a FVG/OB combo.
#2 Stalling today makes the sell setup a little more interesting a big doji today on the daily gives us a better setup for a move down on the LTF. The fresh PDL and the -$ (sell side liquidity) would take us into the 1H/4H+FVG.
1H chart
