September 7th - 11:40am EST - Weekly Post
Recap of last week's plan - I stated on Saturday August 30th - "I do believe we can still rally up to 6547, 6563+ this week, but IF, we lose the 6369 level, that would be a big blow to bulls, and it would need to be sharp reclaim back inside the white trendline to keep momentum." (See Related Publications section)
We had a low volume Labor Day holiday, but when institutions came back on Tuesday around 10am EST we set the weekly low at 6371.75, reclaimed the white trend line and we climbed all week into our first target of 6547 and made a high of the week of 6542 on Friday and sold off.
(I post a more detailed daily plan - follow me so you don't miss my daily updates).
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What is the plan for this week? Remember, Institutions hunt for levels to run stops and then take that level higher or lower. You can review my daily trade plan from Friday and see that I was anticipating a potential sell off after the open. Retail traders were bullish, got caught offsides, Institutions start to sell, all the retail long stops got taken out and Institutions stepped in on Friday afternoon and flushed Thursday's low of 6458 while everyone thought we were going much lower, created a short squeeze and we ended Friday around the 6490 level.
Our weekly low was 6371.75 with a high of 6542 put in on Friday. The white trend line continues to be sold below and then taken higher. I anticipate trapping this week as we look towards the FOMC on 17th and Quarterly Window Dressing by Institutions with the following economic events this week:
Wednesday - September 10th - PPI
Thursday - September 11th - CPI
We have to stay bullish until proven otherwise, last week 6369 was the key level to hold and we did. This week 6410-6425 really needs to hold. I could see us pulling back into the 6425-6435 zone, trapping and moving us higher. The first big level I will be looking for a flush and reclaim is 6453-6458 area, that was last Thursday and Friday's levels. Since we have produced some nice rallies from this area, we could bounce, flush down to 6430-35, catch everyone offsides and then rally higher. (I will go into more detail on Monday Daily Trade Plan)
Key Support Levels - 6370, 6427, 6443, 6453-58
Key Resistance Levels - 6496, 6507-09, 6520, 6542
Target Levels for Week - 6567, IF, price wants it we could go higher to 6597, 6615 but those are not my main targets for the week as the white trendline around 6567 should be a strong resistance.
We could see a similar cycle to last week, drop Monday down to one of the key support levels, flush and take us higher to the white trendline (6567) area and then sell of Friday like we did this week.
Follow to read my daily trade plan - I will send out tonight's Sunday Session Open Trade Plan by 5pm EST.
Recap of last week's plan - I stated on Saturday August 30th - "I do believe we can still rally up to 6547, 6563+ this week, but IF, we lose the 6369 level, that would be a big blow to bulls, and it would need to be sharp reclaim back inside the white trendline to keep momentum." (See Related Publications section)
We had a low volume Labor Day holiday, but when institutions came back on Tuesday around 10am EST we set the weekly low at 6371.75, reclaimed the white trend line and we climbed all week into our first target of 6547 and made a high of the week of 6542 on Friday and sold off.
(I post a more detailed daily plan - follow me so you don't miss my daily updates).
-----------------------------------------------------------------------------------------------------------------
What is the plan for this week? Remember, Institutions hunt for levels to run stops and then take that level higher or lower. You can review my daily trade plan from Friday and see that I was anticipating a potential sell off after the open. Retail traders were bullish, got caught offsides, Institutions start to sell, all the retail long stops got taken out and Institutions stepped in on Friday afternoon and flushed Thursday's low of 6458 while everyone thought we were going much lower, created a short squeeze and we ended Friday around the 6490 level.
Our weekly low was 6371.75 with a high of 6542 put in on Friday. The white trend line continues to be sold below and then taken higher. I anticipate trapping this week as we look towards the FOMC on 17th and Quarterly Window Dressing by Institutions with the following economic events this week:
Wednesday - September 10th - PPI
Thursday - September 11th - CPI
We have to stay bullish until proven otherwise, last week 6369 was the key level to hold and we did. This week 6410-6425 really needs to hold. I could see us pulling back into the 6425-6435 zone, trapping and moving us higher. The first big level I will be looking for a flush and reclaim is 6453-6458 area, that was last Thursday and Friday's levels. Since we have produced some nice rallies from this area, we could bounce, flush down to 6430-35, catch everyone offsides and then rally higher. (I will go into more detail on Monday Daily Trade Plan)
Key Support Levels - 6370, 6427, 6443, 6453-58
Key Resistance Levels - 6496, 6507-09, 6520, 6542
Target Levels for Week - 6567, IF, price wants it we could go higher to 6597, 6615 but those are not my main targets for the week as the white trendline around 6567 should be a strong resistance.
We could see a similar cycle to last week, drop Monday down to one of the key support levels, flush and take us higher to the white trendline (6567) area and then sell of Friday like we did this week.
Follow to read my daily trade plan - I will send out tonight's Sunday Session Open Trade Plan by 5pm EST.
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Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.