SPX neutral with a bias to the downside
Updated
After yesterday's drop that hit my 3770 target, we are holding near the weekly lows in discount. On the LTF the buying started in A/S sessions on through London session to take out some on the short term price imbalances.
Last POI was a reaction off of a -FVG that can be seen on the 15m and 1H charts. We will need to see if the fresh +FVG (not noted but its there on the same charts), the A/S session range, the DO, or the TDO holds up, else we continue down for the day. There's even a +OB at the 2:30 candle on the 15m, so I'll definitely be watching out for these +POIs.
The unemployment claim release at 8:30 is a good catalyst for a decision on the move today and that's where I'll be focused in on. The forecast is for higher claims and I am in agreement with that but I'll be patient in my bias.
Terms:
LTF: Lower Time Frame
POI: Point Of Interest
A/S: Asian Sydney session
-FVG: Bearish Fair Value Gap
+FVG: Bullish Fair Value Gap
DO: Daily Open
TDO: True Day Open
+OB:Bullish Order Block
Last POI was a reaction off of a -FVG that can be seen on the 15m and 1H charts. We will need to see if the fresh +FVG (not noted but its there on the same charts), the A/S session range, the DO, or the TDO holds up, else we continue down for the day. There's even a +OB at the 2:30 candle on the 15m, so I'll definitely be watching out for these +POIs.
The unemployment claim release at 8:30 is a good catalyst for a decision on the move today and that's where I'll be focused in on. The forecast is for higher claims and I am in agreement with that but I'll be patient in my bias.
Terms:
LTF: Lower Time Frame
POI: Point Of Interest
A/S: Asian Sydney session
-FVG: Bearish Fair Value Gap
+FVG: Bullish Fair Value Gap
DO: Daily Open
TDO: True Day Open
+OB:Bullish Order Block
Note
Staying neutral, with the unemployment claims better than expected so this could pause the move down.
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