Globex inventory is short, we have NFP coming up at 830am and where can we go today? Well all the buying that we had from Jan 28th low was short coverings and bigger players selling their position. We failed to extend into previous daily range for now and now have a few options where we can head. On the downside we have 4465.25-4460.25 as our PM support which is broken will be our first sign of weakness, below we have 4447.25-4445, 4437.75-4432.50 and our KEY Intraday support at 4424.50-4418.75, we should see buyers on the first tests of those areas unless we are going down on big volume and if we are then we have 4405.25-4403, 4392.25-4389.75 and 4378.50-4374.75 as our lower levels. On the upside we have 4490-4487.25 as PM resistance we would need to break and hold above to see tests of 4508.75-4505.50 and our Key Intraday resistance at 4524.25-4519 which we need to break above and hold if we want to see the upside to 4536.75-4532.50, 4551.25-4548.75 and 4570 area. Its Friday on a low volume beginning of the month week with big ranges so anything can happen but manage expectations and don't expect huge moves just trade level to level until we see signs of change.
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.
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.