We kicked off the week with a choppy session that ended closer to the lows of the session range. 6387 - 6432 with 6414 being the magnet in between. We cant get moving to the upside until we can clear this choppy range. Price can still continue sideways until a catalyst breaks it out of this range. CPI is tomorrow at 8:30am and my lean is that we hold today's low overnight and continue to move sideways between 6387-6414. Ideally, we can flush down below 6380 and reclaim today's lows of 6387. The levels in yellow and a reclaim of the white trendline are the levels I am watching to trap shorts and move us up higher and out of the range. We will most likely get some fake outs tomorrow and I will only trade the reclaim of today's low or a level lower. I will update the plan tomorrow am before 8am EST and can provide more thoughts based on the overnight session action. Still bullish above 6333, but a loss of 6360 could be a signal that we need to go further down before we can keep momentum higher. Ideally, we build a base overnight, flush today's low and rally up to the 6430 resistance in the range.
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Note
5am - UpdateOvernight price has been building a flag between 6392 & 6411, which is what I was leaning towards happening leading into the the CPI at 8:30am EST as written above in my overnight plan. I will provide a more in depth daily plan closer to 9am based upon the release of the 8:30am CPI data.
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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.