Daily Plan 12.7.23
Hey folks-
The expectation from last night was to see sellers emerge near 4600 for a retest of 4570.
This was indeed the case and we found a shallow bounce off this level before I sent a chat update below I expected more selling today after that LVN formed on the 4574 level.
After this chat, we sold off again about 25 handles to end the day near 4550.
The session today continues the balancing conditions set many moons ago and I think we could see some sort of resolution on Friday with the non farm payrolls.
Refer to my weekly ideas for more on this.
As far as tomorrow goes, I think Gold is seeing some support come in as well as the bonds have been well bid from that 80 level in TLT.
This makes me think 4550 may be a key level tomorrow.
Scenario 1: I expect bids up to 4584 level as long as 4550 level holds. At time of this post we last traded near 4550.
Scenario 2: For any type of trend development, I like to see either 4550 go on downside or 4584 give up on the upside. Until this happens, I think we could see more balance like conditions and we may float up into 4584.
To summarize: despite good action today, I think directional clarity is lacking and I feel that may not come until Friday with the NFP data which will be key. Range conditions may continue until the levels I shared above break on downside or we break out of it.
~ toc
Disclaimer: This newsletter is not trading or investment advice but for general informational purposes only. This newsletter represents my personal opinions which I am sharing publicly as my personal blog. Futures, stocks, and bonds trading of any kind involves a lot of risk. No guarantee of any profit whatsoever is made. In fact, you may lose everything you have. So be very careful. I guarantee no profit whatsoever, You assume the entire cost and risk of any trading or investing activities you choose to undertake. You are solely responsible for making your own investment decisions. Owners/authors of this newsletter, its representatives, its principals, its moderators, and its members, are NOT registered as securities broker-dealers or investment advisors either with the U.S. Securities and Exchange Commission, CFTC, or with any other securities/regulatory authority. Consult with a registered investment advisor, broker-dealer, and/or financial advisor. By reading and using this newsletter or any of my publications, you are agreeing to these terms. Any screenshots used here are courtesy of Ninja Trader, FinViz, Think or Swim, and/or Yahoo, Google. I am just an end user with no affiliations with them. Information and quotes shared in this blog can be 100% wrong. Markets are risky and can go to 0 at any time. Furthermore, you will not share or copy any content in this blog as it is the authors’ IP. By reading this blog, you accept these terms of conditions and acknowledge I am sharing this blog as my personal trading journal, nothing more.