Daily Plan 6/17 '22
Folks,
I was bearish in my plan yesterday at 3830 and I expected a test of 3756 followed by the lows of 3650/3666 today. This was indeed the case as we crashed overnight over the SNB decision to do a 50 BPS surprise rate hike.
Here is a link to my plan from yesterday if you have not read it yet: Daily Bearish Plan 3830
On top of this plan, I sent an update in the morning before open at near 3700 how I expected 3650-3666 to be supported. This also turned out to be the case as while we opened and sold down to 3666, it was very hard to take it out most of the session. In latter part of the session only to be briefly dip and bought back at 3650 to close the session around 3700.
Here is the link to my blurb sent earlier in the open today:
Chart A below now shows the value formation below that composite 3 day profile I mentioned yesterday.
This is probably supportive of the prices in the prior range at 3700-3800 and I expect at some point next week for the Emini S&P500 to test the value area of that composite profile once again. More on that later, scroll down.
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