7:25am EST
Price has built up an overnight base between 6476 and 6490. PPI coming out this am and we could keep grinding higher or Ideally we get a loss of 6477 and reclaim to setup a nice opportunity for 10+ points and retest the 6502 high yesterday with potential upside targets of 6514, 6525, 6539.
I will update my thoughts after PPI is released. I am first looking for a flush below overnight low and reclaim or we will need to see a quick flush of lower levels at 6452, 6437 or levels shown by the yellow support levels on the chart as areas we could flush and move higher. Below 6397 and we could continue lower. IF, price is falling fast, I would get out the way and let price find support at a level and put in a good base to build and work higher.
My lean is we continue higher but first we need a flush to scare holders and push prices higher as we head into Friday OPEX. I could see us potentially spiking to 6502, 6514 after PPI then come back into the overnight range after the NYSE open. I won't be guessing or chasing, I will just be focused on how price acts and will wait for my entry to enter. IF, price loses 6437 area and doesn't reclaim, it might need to head to 6409 or 6391 area to setup a strong back test.
Update around 10am EST.
Price has built up an overnight base between 6476 and 6490. PPI coming out this am and we could keep grinding higher or Ideally we get a loss of 6477 and reclaim to setup a nice opportunity for 10+ points and retest the 6502 high yesterday with potential upside targets of 6514, 6525, 6539.
I will update my thoughts after PPI is released. I am first looking for a flush below overnight low and reclaim or we will need to see a quick flush of lower levels at 6452, 6437 or levels shown by the yellow support levels on the chart as areas we could flush and move higher. Below 6397 and we could continue lower. IF, price is falling fast, I would get out the way and let price find support at a level and put in a good base to build and work higher.
My lean is we continue higher but first we need a flush to scare holders and push prices higher as we head into Friday OPEX. I could see us potentially spiking to 6502, 6514 after PPI then come back into the overnight range after the NYSE open. I won't be guessing or chasing, I will just be focused on how price acts and will wait for my entry to enter. IF, price loses 6437 area and doesn't reclaim, it might need to head to 6409 or 6391 area to setup a strong back test.
Update around 10am EST.
Note
12:50pm - UpdatePrice dropped down to 6453.25 and put in a nice bottom and reclaimed the 6460 level and was getting bought up at that yellow trendline then kept going until we got a rejection at the 4955 level. We are now retesting the buying area at 6465 level from this am and we could continue higher here and rally up the levels as discussed above in the trade plan above. Make sure to follow for my Daily Trade Plans I post each day before 8am EST.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.