I have edited the video (taken out the scale sheet) sorry for the inconvenience this may have caused
ON inventory is mostly long with a distinct support at 1305.50 RTH High.
ONH is 1308.50 with VPOC sitting at 1307
I have several studies pointing 1310-12 as a possible resistance level, my plan is to sell into the ONHI till 1312 area (1312.25 is the Globex high of 6/02)
Yes it is a wide range so I need to scale in or sell on weakness I let market tell me, it is a risky trade and if market decides to take out 12′s I am soooo wrong.
Support on open will be 1305.5/04.50 and 1302.50 for the break to 1300 which completes my daily target after a 1312 visit.
If we don’t make it to 1312 first I have 1296′s as target.
I have told you before and I tell you again : I don’t like news driven markets therefore I take the day off.
Be smart !
I apologize for the poor quality of the video. I traded last night and didn’t sleep much.
I believe there is a big difference with the poor structure we had on Tuesday and in my opinion the odds are in favourite of the upside now to take out 1280 in order to get to that 1297 and 1302 target.
1261.50 good support afternoon pullback – easy to see and very important.
Break above 1280 is thin till 1286 (CLVN)
Yesterday I tweeted “market has a poor structure” , we didn’t have a proper 2-way market auction and it is likely to be retested/repaired to establish healthy support before further upside is possible. We rejected HVN 90 and couldn’t hold 89 VPOC, this for me is valid short setup, more because it was expected due to that structure mentioned before.
Overnight Inventory is neutral to short, market dipped briefly to 1282 ONLO which happens to be a 50% RET of 71.75 to highs and has a 1300 target.
Rejection of 88-ish may lead to 75′s again.
Market is still NEWS DRIVEN and it may be wise to trade half your normal size and only take action on keylevels and avoid to get chopped in the middle. When ever you see nervous price action pse stay out.
ON inventory is neutral
We have a distinct LVN at 1255.75 in confluence with yday LOD.
There have been some good possibilities during the ON session – which I trade frequently.
For RTH we have 1259/1261.75 closing range and we r likely to open within.
I am a seller again at the 1263/64 CLVN but likely not above.
On a retest of 1264 from above we may have a 1270 target and extended 1273
Below I have an open target of 1250 so keep an eye on that 1259 to give way for 1256.75 and the Low’s (both RTH and Globex)
Daily range is impossible to estimate because news can move this market, so be on it.
My guess would be 1250 (extended 1245) to 1270