Overnight, the failure at 1337.25-1339.25 resulted in a test of the 1333.25 level, where Responsive Buyers were active and shut off the Selling. Heading into the day, we'll be using 1337.25-1339.25 as the Micro Bull/Bear Zone to establish short-term directional bias. On a break & hold above 1339.25, I expect a test of 1341-1343, with 1349-1351 capping the upside. 1341-1343 is an important Resistance Zone, and failure/rejection here, followed by a break and hold below 1339.25 could result in a short-term reversal to the downside. Below 1337.25-1339.25, we have Pre-Market Support at 1333.25, Initial Support at 1328.50-1330.50, 1326.50 Support, and finally the 1322.50-1324.50 Support Zone, where I expect Selling to shut off. The primary economic catalyst today is Consumer Credit at 2:00 PM (CT). Bigger picture, Buyers remain in Control above 1320 but short-term directional bias will be based on how price reacts at 1337.25-1339.25 -- short-term, Sellers hold Control below that price zone. We could get continued Balance, with a wider Value Area where Responsive Sellers are active above yesterday's range and Responsive Buyers are active below it.
5-min Chart with EMiniPlayer.net Support/Resistance Zones
View full size chart
No comments:
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.