Last Week :
Globex opened inside VAL under the Weak stops from previous sessions that we have market off which signaled weakness, under 6100 market started taking out lower stops and key areas which gave a big flush into lower Value during ON hours to start the week but we ran out of selling after looking below lower VAL and rotated out of Value from there. RTH Session did not bring anymore size selling, instead we were able to hold above Value take in all the Supply and move back into/above upper Edge which brough stability and pushed us into 6114 - 064 Intraday Range where we found balance. End of week price made a push into upper Value again but the move was done during ON lower Volume hours and once we hit the bigger area of supply/where we previously found bigger sellers over 6144 the whole push came apart and gave us another move under VAL into the Edge where we closed right at a big area without really breaking under.
This Week :
This week is really tricky to try and call because we have new month starting, we had some news over the weekend which has made a lot of people bearish or at least think that we should be bearish and either open on gap down or continue lower, we have seen strong selling from above areas which probably trapped buyers to give us more weakness BUT as much as I like to cheer for the downside and a good correction most of the time as I am a short seller, we have to be careful here because we are at important HTF areas which if we don't get the needed volume to stay under could bring stability and continue to give us balancing action over them.
We will have to see what we do on the open tonight and during ON sessions to really get a better picture but we can have a plan and keep things in mind that IF they start happening then we can be ready. Daily TF for now is still in uptrend after a failed correction in mid January and we are just grinding over smaller Daily MA with buying interest running out over 6100s which is giving us this sideways/selling action, weekly TF also grinding over its smaller MA and has closed right around weekly balance mid area after failing to hold under its low which is in 940s this could mean that we may potentially continue holding and grinding/sideways with weakness until we see some bigger change.
Daily Edge top is around 6070 - 40s we would need to either see a push that can close under 50s to signal acceptance back in lower HTF Range or a push under with continuation to/through lower VAH which can then bring in more sellers and give us continuation towards lower targets at VAL/Edge and if things get really ugly to push us through 933 - 913 Edge from where we need to watch out for further continuation towards our Previous Distribution Balance.
On the other hand we need to be careful forcing the short side under 6060-50s unless market can clearly show us that it wants to be under, if it does not then we can watch for us to stay inside Current Intraday Range where we could balance and maybe tighten up the ranges as things have been pretty wild, if this will be the case then we could see stronger sells coming from areas closer to above VAL and from inside/above it, weakness from VAL can continue until we can push into Value and start balancing around the Mean area without getting back under 6114.
Globex opened inside VAL under the Weak stops from previous sessions that we have market off which signaled weakness, under 6100 market started taking out lower stops and key areas which gave a big flush into lower Value during ON hours to start the week but we ran out of selling after looking below lower VAL and rotated out of Value from there. RTH Session did not bring anymore size selling, instead we were able to hold above Value take in all the Supply and move back into/above upper Edge which brough stability and pushed us into 6114 - 064 Intraday Range where we found balance. End of week price made a push into upper Value again but the move was done during ON lower Volume hours and once we hit the bigger area of supply/where we previously found bigger sellers over 6144 the whole push came apart and gave us another move under VAL into the Edge where we closed right at a big area without really breaking under.
This Week :
This week is really tricky to try and call because we have new month starting, we had some news over the weekend which has made a lot of people bearish or at least think that we should be bearish and either open on gap down or continue lower, we have seen strong selling from above areas which probably trapped buyers to give us more weakness BUT as much as I like to cheer for the downside and a good correction most of the time as I am a short seller, we have to be careful here because we are at important HTF areas which if we don't get the needed volume to stay under could bring stability and continue to give us balancing action over them.
We will have to see what we do on the open tonight and during ON sessions to really get a better picture but we can have a plan and keep things in mind that IF they start happening then we can be ready. Daily TF for now is still in uptrend after a failed correction in mid January and we are just grinding over smaller Daily MA with buying interest running out over 6100s which is giving us this sideways/selling action, weekly TF also grinding over its smaller MA and has closed right around weekly balance mid area after failing to hold under its low which is in 940s this could mean that we may potentially continue holding and grinding/sideways with weakness until we see some bigger change.
Daily Edge top is around 6070 - 40s we would need to either see a push that can close under 50s to signal acceptance back in lower HTF Range or a push under with continuation to/through lower VAH which can then bring in more sellers and give us continuation towards lower targets at VAL/Edge and if things get really ugly to push us through 933 - 913 Edge from where we need to watch out for further continuation towards our Previous Distribution Balance.
On the other hand we need to be careful forcing the short side under 6060-50s unless market can clearly show us that it wants to be under, if it does not then we can watch for us to stay inside Current Intraday Range where we could balance and maybe tighten up the ranges as things have been pretty wild, if this will be the case then we could see stronger sells coming from areas closer to above VAL and from inside/above it, weakness from VAL can continue until we can push into Value and start balancing around the Mean area without getting back under 6114.
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.