6/27: Daily Recap, Outlook, and Trading Plan
Recap
Yesterday was another complex session, with the price largely ping-ponging between 4404 resistance and the 4370-80 support zone. The tight range will resolve with a good move, but the direction remains uncertain.
The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Down slightly
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Up a bit
🔮 Crypto: Up
World Headline
The Central Banking conference has started, and it will feature speeches from various global central bankers, including Jay Powell, over the next two days.
Key Structures
The channel in orange from the June highs - a bull flag with support at 4374 and resistance around 4444
The 4373 level - the most recent breakout zone from Monday, June 12th
The main breakout level from June 1st and 2nd - currently 4280-85
The large rising uptrend channel in white - support is currently 4280-85 and the most immediate resistance rail is 4530
Support Levels
4,382 (major), 4,373 (major), 4,366, 4,357, 4,336-4,341 (major), 4,328, 4,318, 4,300 (major), 4,293, 4,280-4,285 (major), 4,270-4,275 (major), 4,262, 4,247 (major)
Resistance Levels
4,393, 4,402 (major), 4,413 (major), 4,425-4,430 (major), 4,444, 4,460 (major), 4,472, 4,485 (major), 4,492, 4,502 (major), 4,512, 4,525-4,530 (major), 4,542, 4,550-4,555 (major)
Trading Plan
For longs, consider bidding directly at the 4382-73 support zone, or wait for a test of 4366 or a flush of yesterday's lows and recovery
For shorts, consider shorting at major resistance levels, particularly 4413 and 4425-30
Bulls need to clear 4402 to regain control
Bears will gain control if 4366 fails
Wrap Up
We remain in corrective mode with bears in short-term control until a strong resistance clears. Expect complex price action to continue, with the focus on nimble, level-to-level trading. The general lean is for a retest of 4402 and ultimately 4413 if 4372 holds, but another leg down if 4366 fails. React to the path that price chooses.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Yesterday was another complex session, with the price largely ping-ponging between 4404 resistance and the 4370-80 support zone. The tight range will resolve with a good move, but the direction remains uncertain.
The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Down slightly
🌎 US Index Futures: Up a bit
🛢 Crude Oil: Down
💵 Dollar: Down
🧐 Yields: Up a bit
🔮 Crypto: Up
World Headline
The Central Banking conference has started, and it will feature speeches from various global central bankers, including Jay Powell, over the next two days.
Key Structures
The channel in orange from the June highs - a bull flag with support at 4374 and resistance around 4444
The 4373 level - the most recent breakout zone from Monday, June 12th
The main breakout level from June 1st and 2nd - currently 4280-85
The large rising uptrend channel in white - support is currently 4280-85 and the most immediate resistance rail is 4530
Support Levels
4,382 (major), 4,373 (major), 4,366, 4,357, 4,336-4,341 (major), 4,328, 4,318, 4,300 (major), 4,293, 4,280-4,285 (major), 4,270-4,275 (major), 4,262, 4,247 (major)
Resistance Levels
4,393, 4,402 (major), 4,413 (major), 4,425-4,430 (major), 4,444, 4,460 (major), 4,472, 4,485 (major), 4,492, 4,502 (major), 4,512, 4,525-4,530 (major), 4,542, 4,550-4,555 (major)
Trading Plan
For longs, consider bidding directly at the 4382-73 support zone, or wait for a test of 4366 or a flush of yesterday's lows and recovery
For shorts, consider shorting at major resistance levels, particularly 4413 and 4425-30
Bulls need to clear 4402 to regain control
Bears will gain control if 4366 fails
Wrap Up
We remain in corrective mode with bears in short-term control until a strong resistance clears. Expect complex price action to continue, with the focus on nimble, level-to-level trading. The general lean is for a retest of 4402 and ultimately 4413 if 4372 holds, but another leg down if 4366 fails. React to the path that price chooses.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
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