Recap
Last week we saw a massive 75-point one-day squeeze on Friday, following a long position at 4420 on Thursday. This was a rare occurrence, with moves of this magnitude happening on less than 3% of trading days annually. This happened due to a textbook bull flag pattern formed between June 16-26th, which then broke out at 4420 on Thursday.
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Up strongly
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Down
World Headline
Key Structures
The key structures to watch are 4458-64 & 4420-25, the bull flag in orange from the June highs, the 4374 level, and the large rising uptrend channel in white.
Support Levels
Supports are: 4485 (major), 4477-80, 4458-64 (major), 4442 (major), 4431, 4420-23 (major), 4413, 4404 (major), 4393 (major), 4382, 4376 (major), 4364, 4350-55 (major), 4345, 4330 (major).
Resistance Levels
Resistances are: 4493, 4502 (major), 4515, 4524, 4532-34 (major), 4549, 4560-65 (major), 4572, 4585 (major), 4595, 4605 (major), 4611, 4624, 4630-35 (major).
Trading Plan
As long as we are above last Thursday's 4420 breakout zone, there is no bear case. However, 4480-77 will be key to watch. If we continue flagging below 4493 and above 4480ish, I may consider adding more to my long. If we fail at 4480-77, this may represent a good quick level to level scalp on the short side.
Wrap Up
In summary, as long as 4480 keeps holding, a small bull flag from Friday is in play. This would target 4500-4502, then if that clears, we can push up the levels. First mini-dip begins on the fail of 4477-80 and possible short. As always, these plans may change as the market evolves. Always remember to trade responsibly.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Last week we saw a massive 75-point one-day squeeze on Friday, following a long position at 4420 on Thursday. This was a rare occurrence, with moves of this magnitude happening on less than 3% of trading days annually. This happened due to a textbook bull flag pattern formed between June 16-26th, which then broke out at 4420 on Thursday.
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Up strongly
💵 Dollar: Up slightly
🧐 Yields: Up
🔮 Crypto: Down
World Headline
- The stock market has taken a hit due to a missed Chinese Services PMI report.
- China has placed export restrictions on rare earth metals used in semiconductor production.
Key Structures
The key structures to watch are 4458-64 & 4420-25, the bull flag in orange from the June highs, the 4374 level, and the large rising uptrend channel in white.
Support Levels
Supports are: 4485 (major), 4477-80, 4458-64 (major), 4442 (major), 4431, 4420-23 (major), 4413, 4404 (major), 4393 (major), 4382, 4376 (major), 4364, 4350-55 (major), 4345, 4330 (major).
Resistance Levels
Resistances are: 4493, 4502 (major), 4515, 4524, 4532-34 (major), 4549, 4560-65 (major), 4572, 4585 (major), 4595, 4605 (major), 4611, 4624, 4630-35 (major).
Trading Plan
As long as we are above last Thursday's 4420 breakout zone, there is no bear case. However, 4480-77 will be key to watch. If we continue flagging below 4493 and above 4480ish, I may consider adding more to my long. If we fail at 4480-77, this may represent a good quick level to level scalp on the short side.
Wrap Up
In summary, as long as 4480 keeps holding, a small bull flag from Friday is in play. This would target 4500-4502, then if that clears, we can push up the levels. First mini-dip begins on the fail of 4477-80 and possible short. As always, these plans may change as the market evolves. Always remember to trade responsibly.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decisions.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.